Reports: India buys oil from Russia at lower price

India has been increasing crude oil imports from Russia and stocking it at a lower price compared to the world market since the start of military operations in Ukraine, Report informs citing the Economic Times.

Russia has reduced the price of oil imported by India by $ 10 since February.

According to S&P Global Market, Russia's share in India's hydrocarbon imports in the 2021-2022 fiscal year was one percent, but in April of this year, it reached 5 percent.

Earlier, NDTV reported that India wants to buy oil from Russia for $ 70 per barrel. According to the TV, the country's state and private companies imported 62.5 million barrels of oil from Russia by the end of February this year, which means a threefold increase in the imports compared to the same period of 2021.