US' 100% Tariff Threat Over Russian Oil: Will You Pay More For Petrol? 7 Things To Know

Russia has become one of India’s biggest sources of crude oil since 2022, when sanctions and the reshaping of global oil trade made Russian barrels available to Indian refiners

The US House of Representatives on Wednesday passed a Russia sanctions bill that could give President Donald Trump the power to impose tariffs of up to 100 per cent on countries buying Russian oil and gas, putting India’s Russian crude purchases back in the spotlight. The bill has now been sent to Trump for his signature.

But what does this mean for an ordinary Indian filling up at a petrol pump? Losing Russian crude would not automatically mean petrol prices jump by a fixed amount. The impact would depend on where India buys replacement oil, what happens to global crude prices, refinery margins, the rupee-dollar exchange rate and, importantly, how the government and oil companies handle retail prices.