India's efforts have not met with success, it is not ready to take payment in any rupee on the purchase of crude oil, the government has informed

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Crude Oil Import: India's initiative to pay for crude oil imports in rupees has not met with much success so far. While giving this information to the Standing Committee of the Parliament, the Petroleum Ministry said that the suppliers have raised concerns about the repatriation cost of the funds. Under international trade tradition, the prevailing currency for payment of all contracts for the import of crude oil is the US dollar. However, RBI allowed import and export in rupees on 11 July 2022 to internationalize the Indian rupee. Under which there has been success in non-oil trade with some countries. But crude oil exporters are moving away from the rupee.

Payment for import of crude oil is not in rupees

The Parliamentary Committee related to the Ministry of Petroleum has said in this regard that during the financial year 2022-23, the public petroleum company has not made any payment for the import of crude oil in Indian rupees. Crude oil supplying countries have expressed concerns about converting money into preferred currencies, the associated high transaction costs and exchange rate risks.

Payment for crude oil can be made in Indian rupees

According to a committee report tabled in Parliament last week, major Indian Oil Corporation said it faced high transaction costs as crude oil suppliers were passing on the burden of additional transaction costs to the IOC. Payment for crude oil can be made in Indian rupees, provided suppliers follow regulatory guidelines in this regard, the ministry said. Besides, the ministry said that currently Reliance Industries Limited and public sector petroleum companies have not entered into any agreement to purchase crude oil in Indian currency.

India is currently the world's third largest energy consumer

India is the third largest energy consumer in the world and is also import dependent to meet most of its needs. According to the information received from the Ministry, India's consumption is around 55-56 lakh barrels per day. Of which 46 lakh barrels are imported per day, which is about 10 percent of the total oil trade in the world.

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