STRESS RELIEF; RUSSIAN OIL COMPANIES OFFER BIG DISCOUNTS TO INDIA
(The Quiver) : Early predictions are done that after elections ,oil , petrol and diesel prices will rise as the prices were not increased since past four months in view of assembly elections and further Russia-Ukraine war crisis is another predicted reason behind the increase in petrol rates . Especially the middle class and poor class of society are the most affected due to rise in oil prices.
It appears like curse has turned into blessings . People of India can get stressed out as desperate Russian oil companies have offered big discounts to India. Russian oil firms are reportedly offering crude oil to India at 25-27 percent discount, according to reports in India. Russia has been a major exporter of arms, oil and, fertiliser to India.
The price of crude oil and gas has skyrocketed since Russia’s brutal invasion of Ukraine .Oil prices have soared to $139 a barrel, the highest in 14 years, prices that could lead to a dire situation in India.
At times when US and European Union had imposed sanctions and boycotted Russia due to Moscow’s recent invasion of Ukraine ,the subsequent sanctions imposed on its economy have made those exports nearly impossible as Russia’s economy lies on the edge of collapse. In such a time Russia has approached to its old friend India for some relief and seems like India also needs Russia .
It is still unclear that If India accepts Russia’s offer then how would India pay for the oil without Russian access to SWIFT, the accepted international payment system.
