How does India's import of oil from Russia impact domestic fuel price
India’s import of oil from Russia has helped stabilise domestic fuel price, according to Shringla.
- India's import of oil from Russia increases the diversity of its oil sources, reducing dependence on a few countries.
- Stable and secure oil supply from Russia helps mitigate the impact of price fluctuations in global oil markets.
- Importing oil from Russia also provides India with leverage in negotiations with other oil-producing countries.
- A steady supply of oil from Russia ensures a more predictable pricing environment for domestic fuel in India.
- This stability in fuel prices can benefit consumers by preventing sudden price hikes and promoting economic stability.
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a year ago