How has India’s import of oil from Russia impacted the domestic fuel price
Shringla mentioned about the effect of oil import on domestic fuel price.
- The import of oil from Russia has increased India's energy security by diversifying its sources of crude oil.
- Importing oil from Russia has led to better negotiation power in global oil markets, potentially leading to better prices for India.
- Depending on the global oil price trends and the exchange rate, importing oil from Russia could have a direct impact on domestic fuel prices in India.
- Reduced dependency on a few oil-producing countries can help in hedging against geopolitical risks and supply disruptions, potentially stabilizing domestic fuel prices.
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a year ago