India Covers Loss Faced In In First Quarter Amid Discounted Fuel From Russia

India’s three state-owned oil firms which supply 90% of the country’s fuel suffered a record Rs 18,000 crore loss in the first quarter of 2022. The loss was in view of not raising prices till UP election results in March, despite crude rates increasing globally.  However, by defying western pressure to import Russian oil at discounted rates since February 2022, India has already saved Rs 35,000 crores.