 "Savings for Indian refiners from purchasing Russian oil have decreased to a third of what they were in the years following Russia's invasion of Ukraine, which triggered global crises, sanctions, and discounted Russian oil seeking buyers. Despite this")
Savings for Indian refiners from purchasing Russian oil have decreased to a third of what they were in the years following Russia’s invasion of Ukraine, which triggered global crises, sanctions, and discounted Russian oil seeking buyers. Despite this, savings from importing cheap Russian oil were significant enough to help Indian refiners tide over frozen petrol and diesel pump prices.
Resisting pressure from Washington and Brussels to adhere to Western sanctions paid off in the form of these savings, Indian officials said. India’s purchase of over 2 million barrels of Russian crude per day also contributed to capping