India justifies buying more Russian discounted oil

India is the world's third-largest consumer and importer of oil, importing about 80 per cent of its oil needs. PHOTO: AFP
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NEW DELHI/BANGALORE - As inflation rises in India, Prime Minister Narendra Modi's government may be set to buy more barrels of discounted Russian oil and revive rupee-rouble trade.

India is the world's third-largest consumer and importer of oil, importing about 80 per cent of its oil needs. With Western sanctions imposed on Russia after its attack on Ukraine turning off some European buyers, Moscow is now offering oil at a discounted price to Indian companies.

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