Russia among India's top three oil suppliers: Reports

NEW DELHI: Russia is among India's top three crude oil suppliers and New Delhi will exercise its choice to buy oil from any country including Russia, sources said on Friday. Russia was not a major crude supplier to India ten months back. The other two top three crude suppliers to India are Iraq and Saudi Arabia. Petroleum ministry sources said there is an assurance from oil suppliers and there is no possibility of disruption. They also said there is no pressure not to buy oil from Russia.

Media reports have said EU member states are close to an agreement on a USD 60 per barrel Russian oil price cap.

Petroleum Ministry sources said the issue was are not very clear still and there will be more on the matter if and when the final price is announced.

They said Russia is one of the oil suppliers and India sources its oil requirements from about 30 countries.

The sources also said there is no under-recovery in LPG and it is there only in diesel and petrol for oil companies.

"We will be requesting the Finance Ministry to compensate under recovery. We will be approaching Finance Ministry soon with our demand. We are working out a realistic estimate for further compensation for oil companies. We will seek compensation for oil companies' losses for entire FY23," a source said. The sources said under-recoveries for petrol, diesel are still at over Rs 20,000 crore. Responding to a query about Kirit Parikh report, an official said that Petroleum Ministry will firm up its views on the government-appointed gas price review panel report this month. The ministry might send the first set of proposals on the report to Union Cabinet by December end.

Reports have said that European Union states are discussing capping the price of Russian crude oil at $60 a barrel among them and also Group of Seven countries. Russian Deputy Prime Minister Alexander Novak said on Friday that the European Union's proposed price cap on Russian oil will not affect production in December, reports said. (ANI)

Also Read: India's forex reserve rise for second week to $547.25 billion

Also Watch: