New Delhi: The United States has extended by one month its sanctions waiver allowing countries to import Russian seaborne crude, a move that could offer
temporary relief to global oil markets and help India avoid another sharp fuel price hike. The decision comes at a time when benchmark Brent crude has surged to $111 per barrel amid supply concerns linked to tensions in West Asia and disruptions in the Strait of Hormuz, a key global energy transit route. Rising crude prices have already put pressure on fuel retailers and consumers worldwide. For India, the extension is significant as refiners continue to rely heavily on discounted Russian crude to manage costs. Industry experts believe the waiver could help soften international oil prices and reduce pressure on domestic fuel rates after petrol and diesel prices were raised by nearly Rs 4 per litre. Despite the hike, state-run oil marketing companies are still estimated to be losing around Rs 750 crore daily by selling petrol, diesel and domestic LPG below market prices. US Treasury Secretary Scott Bessent said the temporary 30-day licence would allow vulnerable countries to access Russian oil cargoes stranded at sea and help stabilise the physical crude market. He added that the measure would ensure supplies reach nations most dependent on imported energy. The waiver was first introduced in March to address supply shortages caused by geopolitical tensions and was extended once earlier in April. According to Kpler data, India imported nearly 2 million barrels per day of Russian crude in March and 1.6 million barrels per day in April. Indian officials maintained that purchases from Russia are being made strictly on commercial considerations.
India Sees Second Fuel Price Hike in 5 Days
Fuel prices have risen once again in less than a week amid escalating tensions between the United States and Iran, which have disrupted energy supplies across the region and pushed global crude prices higher. Petrol prices were increased by Rs 0.86 per litre, while diesel prices went up by Rs 0.83. Following the latest revision, petrol prices climbed from Rs 97.77 to Rs 98.64 per litre, while diesel rates rose to Rs 91.58.
The latest increase comes just days after state-run oil companies on May 15 raised petrol and diesel prices by Rs 3 per litre, ending a four-year freeze on fuel rate revisions. The back-to-back hikes have intensified concerns over further increases as global crude prices remain volatile amid the ongoing West Asia conflict.
