Discount matters as India burns dollars to buy Russian oil
- A weaker rupee and higher prices for petroleum propelled India to purchase oil from Russia.
India will continue to buy oil from Russia as it is to its advantage, external affairs minister S. Jaishankar said on Tuesday. Until recently, India barely bought any oil from Russia. In FY22, India bought around 2.4% of its overall oil imports in volume terms from Russia. In FY21, it was just 1.7%.
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