Why India’s demand for fuel is rising? India's dem... moreWhy India’s demand for fuel is rising? India's demand for fuel is rising due to a combination of factors such as increased industrial activity, robust domestic consumption, and profitable refining from record Russian crude imports. Refiners in India have become Russia's key oil client, purchasing discounted crude that Western nations have shunned since the invasion of Ukraine. Indian refiners pay for most of their Russian oil via Dubai-based traders in UAE dirhams instead of US dollars. However, if the price of Russian crude rises above the G7 price cap, traders may have to seek alternative methods of payment, which could aid Russia's efforts to de-dollarize its economy in response to Western sanctions.
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