America had strongly supported India after the Pulwama terrorist attack and expects a similar cooperation from India in dealing with Iran.
New Delhi: The price of petrol in the country may increase shortly due to US restrictions on the purchase of oil from Iran.
The pressure created in this regard by the Donald Trump administration will impact the common man and will directly reflect on the Indian economy. The government of India has had to explore other options for the import of crude oil.
India is currently making preparations to stop the import of oil from Iran. The US government has provided many concessions to India on oil import. But the Trump administration has made it clear that there would be no backing down on the demands that India must bring down oil imports from Iran to zero.
This decision comes in the wake of worsening relations between Iran and the US.
Ten per cent of the total oil consumed in India comes from Iran. India is currently planning to increase imports from Saudi Arabia, Kuwait, the UAE and Mexico.
The US has also specified that the escrow account used by Iran and India for the rupee-rial trade must be stopped from May 2.
America had strongly supported India after the Pulwama terrorist attack and expects a similar cooperation from India in dealing with Iran.
Iran lends oil for 60 days by which the amount due can be paid off. If India now has to import from other countries, cash transactions have to be made.
A barrel of crude oil is priced at $74.5 in the international market. Experts predict an increase in price to $85 a barrel soon.
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