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. ADVERTISEMENTState-owned Indian Oil has reportedly bought three million barrels of Russian oil, while Hindustan Petroleum has ordered two million barrels. Nayara Energy, which is partly owned by Russian oil giant Rosneft, has ordered 1.8 million barrels. ADVERTISEMENTThe Indian government has vociferously defended its position to import Russian oil, pointing out that many European countries continue to buy Russian oil and gas. “The Western criticism of India’s oil purchase is all hypocrisy, as more than half of Europe is still buying oil from Russia,” he added.

Source: Philippine Daily Inquirer March 27, 2022 07:33 UTC