Connect with us


India to dump Nigeria’s crude for cheap Russian oil as West tightens screw on Kremlin over Ukraine conflict



Russia is currently auctioning its crude below the market price to willing buyers as Europe and United States severe ties with Kremlin over its ongoing show of military strength in Ukraine.

Reports said India may take up a Russian offer to buy crude oil and other commodities which is currently sold at a huge discount.

Two Indian officials told journalists that Prime Minister Narendra Modi wants to keep the country’s ties with Russia and would buy a lot

“Russia is offering oil and other commodities at a heavy discount. We will be happy to take that,” one of the officials said.

READ ALSO: India breaks record set by Russia, sends 104 satellites into space

The official added that such trade required preparatory work including transportation, insurance cover and getting the right blend of crude, but once that was done India would take Russia up on its offer.

India, which imports 80 percent of its oil needs, usually buys only about 2 percent to 3 percent from Russia but in the last four years shifted its attention to Nigerian crude.

Apart from oil, India is also looking for cheaper fertilizer from Russia and its ally Belarus, according to one of the officials.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now