Russia Oil Ban Impact India: Russia’s petrol export ban has increased concerns about oil prices across the world, but there is nothing to worry about for India. Since India imports most of its requirement in the form of crude oil and Russia is our number-1 supplier, the government has already prepared a backup plan of 60 million barrels of oil.
Russia Petrol Export Ban Impact Explained: There has once again been a stir in the oil market across the world. News has come that Russia has decided to completely ban the export of petrol from April 1 to July 31. Russia’s Deputy Prime Minister Alexander Novak has asked to prepare a proposal for this. Russia says that it has taken this step to maintain the supply in its country and keep the prices under control. But, the biggest question is whether this decision will increase the prices of petrol and diesel in India too? Let us know why this decision is not a tension for India?
What is the good news for India?
Many people feel that ban on petrol from Russia will increase the prices of petrol in India, but it is not so. India does not buy petrol from Russia. Our country has a huge refinery network, which buys crude oil and converts it into petrol and diesel. India refines about 56 lakh barrels of crude oil every day. Therefore, Russia’s planned petrol ban is not going to have any direct impact on India. This is not going to have any effect on your pocket.
Why is it bad news for India?
Experts believe that Russia is one of the world’s largest oil producers. If its ban reduces the supply of oil in the global market, then crude oil prices may increase. Still, due to the Iran-Israel war, crude oil is running around $100 per barrel. If it becomes more expensive, it will cost Indian refineries to buy oil, which may put a burden on your pocket.
How much crude oil does India buy from which country? (Data till February 2026)
Russia: 22%
Saudi Arabia: 21%
Iraq: 20%
UAE: 10%
America: 7%
Others: 19%
Does India get cheap or expensive oil from Russia?
After the war started in the Middle East, India was getting oil from Russia at very cheap prices (discount), but now the situation has changed. Due to supply shortage and increasing demand, India is now paying a higher price (premium) for Russian oil. According to reports, this premium is $5 to $15 per barrel more than Brent crude prices. Understand it this way, if earlier Russian oil was available for $100, now India has to pay $105 to $115 for the same. This means that our bill for importing oil has increased.
India’s backup plan ready
The supply chain has been broken due to the Israel-Iran war. To deal with this, Indian refiners have decided to buy more oil from Russia. India has signed a big deal with Russia for about 60 million (6 crore) barrels of crude oil for delivery in the month of April. This step has been taken to ensure fuel supply in the country.