India monitoring costs of importing non-Iranian oil
Updated : May 08, 2019 04:04 PM IST
Following the withdrawal of the US waiver, India has stopped contracting oil shipments from Iran this weekend.
Petroleum Minister Dharmenra Pradhan last month had said that government has put in place a robust plan for the adequate supply of crude oil to Indian refineries.
With 80 percent of India's requirements being met through imports, higher-priced oil from non-Iranian sources can make a big dent in the country's current account deficit and forex reserves.
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