Next Article
US tariffs on Russian oil could hit India hard
India might have to cut back on buying Russian oil because of new US tariffs, and that could mean paying $3-5 billion more each year for crude.
If global prices climb, the extra cost could reach up to $7-11 billion.
Russia currently supplies nearly 4 out of every 10 barrels India uses.
India may have to cap fuel prices at home
Switching to other suppliers like the Middle East or Africa won't be simple, since their oil is pricier and Indian refineries are set up for Russian crude.
As Kpler's Sumit Ritolia points out, this shift could lead to higher costs and some logistical headaches.
India may even consider capping fuel prices at home to soften the blow, but that brings its own budget challenges.
Talks with the US are ongoing as India looks for ways to keep energy affordable.