Trump has imposed new sanctions on Russia’s major oil companies Rosneft and Lukoil, causing panic in the global energy market. These bans will also have a direct impact on India, because India fulfills about 30–40% of its crude oil needs from Russia. India’s leading refiner companies Reliance Industries (RIL), which buys 5 lakh barrels of oil daily from Rosneft under a 25-year agreement, is now preparing to find a new supplier. Nayara Energy, which is more dependent on Russia, is left with limited options. Due to this, India may have to buy expensive oil from the Middle East, Latin America and America. After Trump’s announcement, crude oil prices jumped by 5%, due to which India’s oil bill may increase by about Rs 1 lakh crore. As a result, prices of petrol and diesel are likely to rise, which will increase pressure on both inflation and production costs.
Trump’s big war on Russia! Now Petrol-Diesel will be expensive! Money Live | Trump launches a major war on Russia! Petrol and diesel will now be more expensive!
