According to the latest data released by the Ministry of Commerce of India, quoted by Russian media on the 18th, India's oil imports from Russia increased by nearly 400% in the first 10 months of this fiscal year.
According to the report, the reason for this increase is that the West imposed sanctions on Russia's marine oil and oil products, while India purchased a large amount of Russian crude oil at a discount during this period.
The data shows that in the first 10 months of India's fiscal year, that is, from April 2022 to January 2023, Russia was India's fourth largest source of commodity imports, with a total import volume of US $37.31 billion, a year-on-year increase of 384%.
The report quoted Indian Commerce Minister Batwar as saying that "India has purchased a large amount of crude oil and converted it into petroleum products for sale". From April 2022 to January 2023, India's export of petroleum products was US $78.58 billion, compared with US $50.77 billion in the same period of the previous fiscal year.
India is the third largest oil consumer in the world, and more than 80% of its demand depends on imports.
Last December, Indian Foreign Minister Su Jiesheng said that the government had never asked Indian Oil Company to buy Russian oil, but asked Indian Oil Company to buy the best oil available to them.
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