Price is the main factor
The willingness to sell crude oil at relatively lower prices than those recorded in the international market is a major factor that prompts India to join hands with China and Russia. While inflation tends to rise due to geo-political risk factors in Eastern Europe and West Asia, buying crude from Russia at lower prices is a benefit for both countries to tame inflation in the domestic market.
During the last calendar year, 10.7 crore metric tonnes of crude was exported from Russia to China. In other words, 21.4 lakh barrels of crude oil were imported into China per day. This is an all-time record in crude oil trade between the two countries. Russia topped the list of importers to China, beating Saudi Arabia and Iraq by a large margin. Crude oil imports from Saudi Arabia to China will drop to 8.6 crore metric tonnes in 2023.
Vehicle fuel cost
No significant changes were reported in the country’s petrol and diesel prices on Monday either. Petrol price in Delhi city remains unchanged at Rs 96.72 per liter and diesel at Rs 89.62 per litre. Petrol price in Mumbai stands at Rs 106.31 and diesel at Rs 94.27. Petrol price in Kolkata city is Rs 106.03 per liter and diesel price is Rs 92.76 per liter today. Petrol price in Chennai is Rs 102.63 and diesel price is Rs 94.24.
Similarly, there has been no change in vehicle fuel prices in Kerala today. Petrol price in Thiruvananthapuram remains unchanged at Rs 109.73 and diesel at Rs 98.53. Petrol price in Kochi city limits remains at Rs 107.78 and diesel price at Rs 96.70. Petrol price in Kozhikode district remains unchanged at Rs 108.28 and diesel at Rs 97.20 per litre.