New Delhi: US President Donald Trump’s statement that India has decided to stop buying oil from Russia as part of a trade deal has now led to a dispute between the US and Russia. On the other hand, if India completely stops buying oil as per Trump’s statement, India will lose Rs 30,000 crore annually, a financial institution has said.
Huge loss:
India, which is reducing its import of Russian crude oil at a discounted rate due to US tax evasion, will lose Rs 36,000 crore annually, Kepler Financial Institute has said. According to the report, the volume of Indian oil imports will decrease due to the reduction in Russian discounted oil and Middle Eastern oils of market value will start coming.
Even if it is calculated at $5 per barrel, if it is calculated for 18 lakh barrels per day, a total of Rs 36,000 crore will have to be paid annually. Additional oil bills will have to be paid. This will add 2% to the total bill. It is estimated that this will increase further if the central government does not increase fuel prices, including petrol and diesel.