Don't politicise the India-Russia fuel trade; India appeals to the West

New Delhi: India buys very little fuel from Russia. Therefore, India has appealed that no one should politicise this fuel transaction. India also warned that if India suddenly stopped buying fuel from Russia, fuel prices would increase further. At the same time, there are reports that India is negotiating with Russia to supply fuel at less than $70 per barrel.

The United States and some European countries have expressed displeasure over the Russia-India fuel trade. US leaders have warned that buying fuel from Russia would not be in India’s interest. However, India had pointed out that European countries buy as much fuel from Russia in half a day as India buys from Russia in a month. Therefore, it was difficult for the US to put more pressure on India in this matter. But now, European countries have announced their decision to phase out fuel purchases from Russia. After this, the US is likely to pressure India over its fuel deal with Russia. At this time, the United States can also get the support of European countries.

India has once again defended its fuel deal with Russia in such a scenario. India needs about 5 million barrels of fuel per day. About 250 million tonnes of fuel oil is processed in India every year. In this scenario, after the start of the Ukraine war, India bought only 40 million barrels of fuel from Russia. This is minuscule as compared to India’s overall fuel transactions. However, India has pointed out that it has to take the decisions necessary for its fuel security.

The information was released by the Press Information Bureau (PIB). Meanwhile, India has also pointed out that if India stops buying fuel from Russia abruptly, it will lead to higher fuel prices. With fuel prices currently hovering around $105 a barrel, India seems to be questioning whether the world can afford the new hike.

Meanwhile, Russia had offered to sell fuel to India at a concessional rate. However, India insists that Russian fuel prices should remain below $70 per barrel. There have been reports that India is making efforts toward this.