The ongoing fear of banking crisis that erupted out of consecutive banking turmoil also resulted in the drop in global crude oil prices. However, the falling global oil prices are hardly going to impact India as companies will not reduce petrol and diesel price to recover their earlier losses
Russia is expected to hike prices for its oil as strong demand in Asia undermines western powers’ efforts to curb revenues to Moscow’s war machine. India currently buys discounted Russian oil at $30/barrel
According to petroleum dealers, Oil Marketing Companies like BPCL and HPCL have restricted the fuel supply and are providing only a quarter of the oil of the total demand which is triggering the fuel crisis.
Former Pakistan PM Imran Khan praised India for buying discounted Russian oil despite US pressure after the Centre announced reduction in excise duty on petrol and diesel prices.