Fuel price hike unlikely as India to buy Russian oil amid West Asia tensions: Report

India reportedly has sufficient reserves to handle possible supply disruptions, including risks in the Strait of Hormuz

Amid the escalating US-Israel-Iran conflict, India will continue to import crude oil from Russia. According to government sources cited by NDTV, ongoing negotiations on multiple fronts have helped keep petrol prices stable and stressed that the crude oil situation is under control.

Price of petroleum products in domestic markets won’t rise, the sources further said.

They also noted that India has sufficient reserves to handle possible supply disruptions, including risks in the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman, that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas).

The strait is a crucial global energy route, through which about one-fifth of the world’s oil and more than half of natural gas supplies pass.

India depends heavily on the corridor, importing around 2.5-2.7 million barrels per day -- nearly half of its roughly six million barrels of daily oil consumption (based on the figures of 2025 end).

Earlier today, the US said it is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil.

"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 said.

He said this "deliberately short-term measure" will not provide significant financial benefit to the Russian government, as it only authorises transactions involving oil already stranded at sea.

"India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage,” Bessent said in a post on X.