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US tariff impact: Trump's trade moves could dent India's oil bill savings
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S Dinakar Amritsar
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India may have saved a total of around $15 billion between January 2022 and June 2025 on purchases of discounted Russian crude oil, compared to the rates of alternative Gulf and US crudes during the same period, according to calculations by Business Standard based on detailed Customs and ship tracking data, Budget documents, and industry officials. To put it in context, these savings are sufficient to pay for India's budgeted urea subsidy of ~1.2 trillion this financial year.
Savings were the highest in 2023, at around $7 billion, when the imposition of a price cap on Russian crude by the
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