AGL 40.10 Increased By ▲ 0.10 (0.25%)
AIRLINK 130.51 Increased By ▲ 0.98 (0.76%)
BOP 6.79 Increased By ▲ 0.11 (1.65%)
CNERGY 4.65 Increased By ▲ 0.02 (0.43%)
DCL 9.00 Increased By ▲ 0.06 (0.67%)
DFML 42.82 Increased By ▲ 1.13 (2.71%)
DGKC 84.15 Increased By ▲ 0.38 (0.45%)
FCCL 33.20 Increased By ▲ 0.43 (1.31%)
FFBL 76.50 Increased By ▲ 1.03 (1.36%)
FFL 11.55 Increased By ▲ 0.08 (0.7%)
HUBC 110.60 Increased By ▲ 0.05 (0.05%)
HUMNL 14.93 Increased By ▲ 0.37 (2.54%)
KEL 5.43 Increased By ▲ 0.04 (0.74%)
KOSM 8.33 Decreased By ▼ -0.07 (-0.83%)
MLCF 39.80 Increased By ▲ 0.01 (0.03%)
NBP 61.00 Increased By ▲ 0.71 (1.18%)
OGDC 197.80 Decreased By ▼ -1.86 (-0.93%)
PAEL 26.90 Increased By ▲ 0.25 (0.94%)
PIBTL 7.90 Increased By ▲ 0.24 (3.13%)
PPL 158.00 Increased By ▲ 0.08 (0.05%)
PRL 26.56 Decreased By ▼ -0.17 (-0.64%)
PTC 18.59 Increased By ▲ 0.13 (0.7%)
SEARL 82.34 Decreased By ▼ -0.10 (-0.12%)
TELE 8.25 Decreased By ▼ -0.06 (-0.72%)
TOMCL 34.70 Increased By ▲ 0.19 (0.55%)
TPLP 9.10 Increased By ▲ 0.04 (0.44%)
TREET 17.30 Decreased By ▼ -0.17 (-0.97%)
TRG 61.50 Increased By ▲ 0.18 (0.29%)
UNITY 27.80 Increased By ▲ 0.37 (1.35%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,500 Increased By 93.7 (0.9%)
BR30 31,876 Increased By 162.7 (0.51%)
KSE100 97,933 Increased By 604.2 (0.62%)
KSE30 30,376 Increased By 183.8 (0.61%)

NEW DELHI: India is not considering buying oil from Russia or any other country using Indian rupees, the junior oil minister told parliament on Monday, after Western nations imposed sanctions on Russia over its invasion of Ukraine.

With Western sanctions hitting Russia’s dollar-based trading, there is focus on Moscow’s efforts to switch to other currencies, including the possible use of the yuan and rupee in deals with China and India.

“At present, oil public sector undertakings neither have any contract nor is any such proposal under consideration from Russia or any other country for purchase of crude oil in Indian rupees,” junior oil minister Rameswar Teli said.

Indian companies are snapping up Russian oil through spot tenders taking advantage of deep discounts while other buyers shun purchases over Moscow for its invasion of Ukraine.

India, which has refrained from outright condemnation of Moscow, has not banned the importation of Russian oil.

Refiners in India rarely bought Russian oil in the past due to high freight costs.

Oil Minister Hardeep Singh Puri this month however said India was in talks with Russian authorities to buy oil and was evaluating issues related to insurance, freight and payment.

India, the world’s third biggest oil importer and consumer, is exploring paying for Russian imports in rupees but a formal mechanism has not yet formulated, government and banking sources said.

An Indian government source last week said New Delhi welcomes competing offers for oil sales including from Moscow, especially as global prices have jumped.

Comments

Comments are closed.