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The exemption period granted for purchasing Russian oil has been extended for another month. This decision is likely to have a significant impact on global oil market fuel prices and import policies of many countries, including India. The relaxation of restrictions on purchasing Russian oil has started new discussions in the global political and economic circles.
Government officials and industry experts underscored that the impact of the West Asian crisis and the Strait of Hormuz disruption will essentially depend on how long the disruption will last.
According to Ritolia, LPG imports are the “bigger vulnerability” for India.
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