About half of Russia’s total revenue comes from petroleum exports. During the war, the country’s economy became more and more dependent on the oil trade.
On the other hand, India is the world’s third largest oil importer.
India imports 85 percent of its crude oil requirements from a few countries. A large amount of it is bought from Russia.
India and Russia are natural allies on the issue of oil trade. India is the second largest buyer of Russian oil, after China.
It is also noteworthy that India has not consciously aligned itself with the Western countries’ reaction to Russia’s invasion of Ukraine.
Despite seeking a quick end to the war, the tradition of alliance with Russia has been maintained.
Western countries, including the United States, also came under fire against Russia’s oil trade.
India was even barred from buying Russian oil. A number of countries, including America, wanted to impose tough conditions on India to contain Russia.
But India did not give up, rather it did not care. India has kept trade relations with Russia intact, keeping its traditional anti-war policy in mind.
Russia’s invasion of Ukraine collapsed on February 24. From that side, the anniversary of the war is coming. The war has adversely affected the entire world economy. Still not resolved.
Therefore, the countries of the G-7 group, including the United States, are now looking for an alternative solution to the economic crisis.
They want Russia to comply with the Western world’s price cap in order to keep trading with oil shipping, insurance and other financial benefits.
Russia cannot take more than USD 60 per barrel. In fact, the Western Bloc has formed a ‘Buyers’ Cartel’.
America thinks that India is financially benefiting from it. India’s post-war increase in oil purchases from Russia proves that the Western assumptions are not false.
According to the calculations of the concerned circles, the oil bought in this period is about ten times that of the pre-war period! In the last seven months of April-October, India settled the price of oil by 20 billion dollars.
Even in the last ten years, India has not bought so much oil from Russia.
India set record purchases of Russian oil in October and November.
Russia’s crude oil entered India at an average of 9 lakh 9 thousand barrels a day!
In November, 40 percent of the Modi government’s oil imports came from Vladimir Putin’s country.
The western world is not able to take this position of India very well.
However, India is defending itself as the matter is in ‘national interest’.
Meanwhile, the price of oil in the international market in the Russia factor is at the bottom – 81 dollars per barrel.
A few days ago, the price was 116 dollars.
According to experts from a number of industry and financial institutions including CRISIL, the Indian government’s savings on oil purchases alone at this stage is Rs 35,000 crore.
No doubt, the country has and is benefiting from it.
But the question is – is the country without belong to the people? Why not public benefited as the government treasury grows?
Actually the point is, it is important that the touch of happiness in the house of the government also should reach the house of the citizen.
And its way is to reduce the price of oil immediately.
Oil and petroleum prices in India are expected to fluctuate based on international market rates.
At the time of rising prices in the international market, these prices became high without notice in the market of the country.
But when the international market become cheap, the oil companies hide themselves and the government can’t be swayed by petitions.