How does India's import of oil from Russia impact domestic fuel prices
India’s import of oil from Russia has helped stabilise domestic fuel price.
- Russia is one of the largest oil-producing countries in the world, providing India with a significant portion of its oil imports.
- By importing oil from Russia, India diversifies its sources of oil, which can help offset potential disruptions from other suppliers.
- Stable and reliable oil supply from Russia can help reduce the impact of global oil price fluctuations on India's domestic fuel prices.
- Additionally, importing oil from Russia may allow India to negotiate favorable pricing terms and long-term supply agreements, contributing to stable domestic fuel prices.
- Overall, India's import of oil from Russia plays a role in stabilizing domestic fuel prices and ensuring adequate supply for the country's energy needs.
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a year ago