According to government sources, efforts to stabilize petroleum prices in India are showing results. After continuous dialogue with several countries and companies, the situation has been brought under control, and India will continue to purchase crude oil from Russia.
India receives 30-day waiver from US to import Russian oil
New Delhi: India got a temporary relief on Friday after US Treasury Secretary Scott Bessent announced a 30-day waiver allowing Indian refiners to purchase Russian oil.
The Office of Foreign Assets Control of the Treasury Department's Office issued a Russia-related licence "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of 5 March 2026 to India."
US Treasury Secretary Scott Bessant posted on the social media platform X that the US has granted India a temporary 30-day exemption to purchase crude oil from Russia.
President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded.
To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil.…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 6, 2026
For more than a week, the ongoing conflict between Iran, Israel, and the United States in the Middle East, has disrupted global oil supplies. Meanwhile, rumours of a petrol price hike in India are circulating. In many states, petrol pumps are crowded with people waiting to buy it.
Efforts To Stabilize Prices
Meanwhile, according to government sources, efforts to stabilize petroleum prices in India are showing results. After continuous dialogue with several countries and companies, the situation has been brought under control, and India will continue to purchase crude oil from Russia.
Sufficient Oil Reserve
The government maintains that the country has sufficient crude oil reserves and there is no supply crisis. Officials have assured that there will be no oil shortage in the country and that prices of petroleum products in the domestic market will not be allowed to rise. People have also been urged not to panic about oil, as the situation is completely under control.
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