The risk of petrol and diesel prices rising in India has eased for now, as the country has been given conditional permission to purchase crude oil from Russia. The U.S. Treasury Department has granted Indian refineries a special 30-day license, which will remain valid until April 3.
U.S. Treasury Secretary Scott Bessent announced on March 6 that the temporary step was taken under the energy agenda of U.S. President Donald Trump. He stated that India is an important partner of the United States and the exemption has been provided to help stabilize global oil supplies.
Bessent said that Iran is trying to hold the global energy market “hostage,” and the U.S. wants to reduce that pressure by allowing India this short-term relief.
He also expressed hope that India will increase its purchases of American oil after this period. According to the U.S., this measure will help prevent a shortage of oil in the global market.
The license has been issued by the Office of Foreign Assets Control of the United States Department of the Treasury. Under the terms of the license, only Russian crude oil that had already been loaded onto ships by March 5 can be delivered to India. In other words, only shipments that were already at sea before that date will be allowed to reach India.
