• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Govt’s Firm Stand On Buying Russian Oil Saves $8 Billion In India’s Import Bill

OMMCOM NEWS by OMMCOM NEWS
May 1, 2024
in Business
cruid oil

New Delhi:  India’s strategy of continuing to buy cheap oil from Russia despite Western pressures against these purchases has resulted in the saving of around $7.9 billion in the country’s oil import bill during the first 11 months of the fiscal year 2022-23 and also helped the country to lower its current account deficit.

Prime Minister Narendra Modi-led government has stood firm in maintaining its ties with Russia despite the Western sanctions against Moscow.

In fact, during April this year, India imported more Russian oil but less from Iraq and Saudi Arabia than it did a month earlier, according to data compiled by trade tracking agencies Kpler and LSEG.

The imports during April went up by 13-17 per cent, the data shows.

Russia remained India’s top oil supplier in April followed by Iraq and Saudi Arabia, the data showed.

Its oil imports from Iraq declined by 20-23 per cent, the data showed.

Since India is the third-largest importer of crude oil in the world, these large purchases of Russian oil have also helped to keep prices in the world market at more reasonable levels, which has benefited other countries as well.

Data compiled by the Ministry of Commerce and Industry shows that in volume terms, the share of crude petroleum imported from Russia jumped to 36 per cent in 11 months of FY 2024 from 2 per cent in FY2022, while that from West Asian countries (Saudi Arabia, the UAE and Kuwait) fell to 23 per cent from 34 per cent.

The discounts on Russian oil generated huge savings in the oil import bill. According to an ICRA report, the imputed unit value of imports from Russia was 16.4 per cent and 15.6 per cent lower than the corresponding levels from West Asia in FY 2023 and 11 months of FY2024, respectively.

ICRA estimates this to have led to savings in India’s oil import bill amounting to $5.1 billion in FY 2023 and $7.9 billion in 11 months of FY 2024, thereby compressing India’s current account deficit (CAD)/GDP ratio by 15-22 bps in FY2023-24.

According to ICRA’s calculations, a $10 per barrel uptick in the average crude oil price for the fiscal pushes up the net oil imports by around $12-13 billion during the year, thereby enlarging the CAD by 0.3 per cent of the GDP. Accordingly, if the average crude oil price rises to $95 a barrel in FY2025, then the CAD is likely to widen to 1.5 per cent of GDP from our current estimate of 1.2 per cent of GDP for FY 2023-24.

(IANS)

ShareTweetSendSharePinShareSend
Previous Post

‘Donkey’s Egg’: CM Revanth Reddy’s Jibe On What BJP Has ‘Given’ Telangana

Next Post

Resignations Of Lovely, Naseeb And Basoya Indicate Congress High Command’s Disconnect With Ground Reality

Related Posts

Public Sector Banks
Business

Total Business Of Public Sector Banks Surges To Rs 251 Lakh Crore In 2024-25

June 27, 2025
Economy
Business

Early Months Of FY26 Indicate Resilient Economy, Outlook Remains Positive: Centre

June 27, 2025
RBI
Business

India Clocks Current Account Surplus Of $13.5 Billion In Jan-March Quarter

June 27, 2025
ATM
Business

Key Financial Changes Coming In July: From Aadhaar-PAN Rule To New Bank Charges

June 27, 2025
Stock Market
Business

Stock Market Hits 9-Month High As Sensex Surges Past 84,000, Nifty Nears 25,650

June 27, 2025
Adani Group
Business

Adani Becomes India’s Fastest-Growing Brand With Focus On Infra, Green Energy

June 27, 2025
Next Post

Resignations Of Lovely, Naseeb And Basoya Indicate Congress High Command's Disconnect With Ground Reality

EC Bars KCR From Campaigning For 48 Hours For Making 'Derogatory Statements'

Wrestlers Asked To Vacate Chhatrasal Stadium Immediately After Assault On Coach; Sources

khimji
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.