India Russian Oil Import: India has purchased crude oil worth 4.5 billion euros from Russia. Now, the question is how much this will affect petrol and diesel prices, and whether prices will stop rising.

India has bought crude oil from Russia; what will be the impact on the price of petrol and diesel?

India Russian Oil Import: India has ordered a significant amount of crude oil from Russia in June 2026. According to media reports, in the month of June, India purchased crude oil from Russia worth approximately 4.5 billion euros, representing approximately 83% of its total fuel imports. This makes India the second-largest buyer of hydrocarbons from Russia, after China. The reason for purchasing so much oil and how it will affect petrol and diesel prices can be found here.

Why was oil purchased from Russia?
In June, amid tensions and supply constraints in the Middle East, Indian refineries purchased large quantities of cheap crude oil from Russia. The discounted Russian oil proved to be very cost-effective for Indian companies. This is why India's total crude oil imports also increased in June.

Won't petrol and diesel prices rise?
Buying cheap crude oil from Russia is certainly a relief for India, but it doesn't mean that petrol and diesel prices won't automatically rise. Oil prices in India depend on many factors, including international crude oil prices, the rupee-dollar exchange rate, refining costs, taxes, etc. However, if India continues to receive abundant Russian oil at discounted rates and global crude oil prices remain under control, the pressure on petrol and diesel prices may be reduced.

What's putting pressure on Russia?
Interestingly, while India has purchased oil, Russia's oil revenue remains under pressure. This is due to fluctuations in international prices and the discounts on Russian oil. This means that Russia is selling more oil, but the revenue per barrel is not the same as before.