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Russia Offers Gasoline, Diesel and Petrol Prices

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Russia Offers Gasoline, Diesel and Petrol Prices

New Delhi: The Russian oil company is offering India a huge discount on the sale of oil. According to a trade magazine, Russian oil companies are offering to sell India 25 to 28 percent less than the price of crude oil.

Swift, the international banking system, has been removed from Russia in the wake of the Ukraine attack. As a result, it has become difficult for Russia to trade with other countries. The Russian government is working on an alternative. If Russia’s move is successful, Russia’s oil trade with India will increase. Rosneft, Russia’s largest oil exporter, is exporting crude oil to India. In December last year, Russia signed a contract with Indian Oil Corporation of India to supply up to 2 crore tonnes of oil.

“India has to be careful about establishing trade relations with Russia within the framework of the sanctions,” he said. This is because of the fact that other countries may consider it a form of financial assistance to buy oil from Russia. So it could be difficult for India as well.

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