Big Setback For India: Trump’s refusal to increase discount on purchase of Russian crude oil, India faces a big problem

New Delhi. A big problem has arisen before India. The price of crude oil may increase further. The reason for this is the latest decision of US President Donald Trump. Trump has refused to extend a waiver on a temporary ban on purchases of crude oil from Russia. Trump’s decision is a big blow for India. Till now, India was buying crude oil from Russia due to American exemption. Due to this, the crisis on crude oil caused by Iran war was avoided to a great extent. Now, due to Trump not increasing the relaxation in the ban on Russian crude oil, it will be difficult for India to buy Russian crude oil. Today the price of Brent crude oil is at $109 and the price of WTI crude is at $105 per barrel.

When the movement of crude oil and LPG tankers through Hormuz became difficult due to the Iran war, Trump had given permission to all countries to buy Russian crude oil in March 2026. This exemption was extended by the Trump government till May 16. This exemption was given on Russian crude oil filled in tankers standing at sea. At the same time, European countries were continuously opposing Trump’s discount on Russian crude oil. European countries say that by selling crude oil, Russia is strengthening its coffers for the war against Ukraine. In April 2026, India purchased the maximum amount of crude oil from Russia. Every day India bought 1.5 million barrels of crude oil from Russia. Which was about 50 percent of India’s total crude oil imports.

Now, due to not being able to buy crude oil from Russia, Indian petroleum companies will have to import it from other countries. Before the Iran war started, India used to buy crude oil from 27 countries. Most of which came from Gulf countries Saudi Arabia, Kuwait, Iraq, Oman and UAE through Hormuz. Now India has to buy crude oil from Africa, America, Canada etc. Apart from being expensive, it is also creating more problems due to high cost of transportation. As a result, the price of India’s crude oil basket (average amount of crude oil taken from all countries) has reached $ 140.