India's average crude import cost has increased sharply versus the Dubai benchmark, in FY2026 so far, even as the share of Russian crude in the country's oil basket has declined, said Kotak Institutional Equities in its latest report.
However, India denies any agreement, emphasising its priority to safeguard consumer interests. The country's energy policy prioritises stable prices and secure supplies. Trump had imposed 50% tariffs on Indian goods, urging New Delhi to diversify energy sources.
US President Donald Trump yet again claimed to have discussed with PM Modi about India's import of Russian oil, he told reporters on Tuesday (US local time) after the Diwali celebrations at the Oval Office.
Congress leader Jairam Ramesh on Tuesday questioned the Centre over US President Donald Trump's repeated claims of speaking to Prime Minister Narendra Modi over the purchase of Russian oil.
While addressing a bilateral lunch with Ukrainian President Volodymyr Zelenskyy in the White House, the US President again claimed that India had significantly reduced its oil imports from Russia and is now pulling back entirely, stating that New Delhi "will not be buying oil from Russia
India on Thursday responded to comments made by US President Donald Trump about Prime Minister Narendra Modi's assurance to halt Russian oil purchases, stating that the country's energy sourcing is guided by its national interests and the need to protect Indian consumers.
Leader of Opposition in Lok Sabha and Congress MP Rahul Gandhi on Thursday launched a scathing attack on Prime Minister Narendra Modi, alleging that he is "frightened" of Donald Trump, after the US President claimed that India had assured him of stopping the purchase of oil from Russia.
US President Donald Trump on Wednesday (local time) said that Prime Minister Narendra Modi had assured him that India would stop purchasing oil from Russia, describing it as "a big step" in efforts to increase global pressure on Moscow.
US President Donald Trump on Wednesday (local time) said that Prime Minister Narendra Modi had assured him that India would stop purchasing oil from Russia, describing it as "a big step" in efforts to increase global pressure on Moscow.
An uptick in non-oil non-gold imports is likely in the coming months as domestic demand expands, at a time when exports could weaken due to mounting tariff pressures.
The Trump administration's aggressive stance against India's purchases of Russian oil marks a stark departure from the Biden era's pragmatic tolerance, potentially jeopardising bilateral trade negotiations and raising questions about Washington's reliability as a partner for New Delhi, accor
The US State Department's Hindustani Spokesperson, Margaret MacLeod, on Thursday underlined Washington's stance on H-1B visas and reiterated concerns over continued trade with Russia, particularly in the context of oil imports, amid the ongoing conflict in Ukraine.