US extends waiver on Russian crude imports by 1 month
NEW DELHI: As benchmark Brent crude touched $111 a barrel due to supply crunch, making global markets nervous, US administration on Monday extended the sanctions waiver allowing countries to buy Russian seaborne crude.
The move is likely to help soften crude prices, which will also benefit Indian refiners. State-run oil retailers are still losing Rs 750 crore a day due to sale of petrol, diesel and domestic cooking gas cylinders below market prices, although the under-recovery has dropped by 25% after last Friday’s hike in petrol and diesel prices by Rs 3 a litre.
