Russian oil purchases in the 2023-2024 financial year saved India $7.9 billion, according to Indian rating agency ICRA Limited, the Times of India reported on April 30.
The agency made its calculations on the basis that Russian oil during this period cost India 15.6% cheaper than buying oil from West Asia.
At the same time, the agency notes that the amount of monthly discounts on Russian oil in the period from April to August 2023 was approximately 23%. Between September 2023 and February 2024, discounts decreased to 8%.
Consequently, according to the calculations of ICRA Limited, the savings due to the discount in the first period amounted to 5.8 billion dollars, and in the second – 2 billion dollars.
ICRA Limited notes that if discounts on Russian oil are low, in fiscal year 2024-2025 oil import costs will rise to $101 billion – $104 billion. In the last financial year, these costs amounted to $96.1 billion.
Source: Rossa Primavera
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