Kathmandu: Just a day ago, the United States and European countries banned oil imports from Russia.
Troubled by the sanctions, Russian oil companies have offered huge discounts on oil to India.
According to a report by Business Standard, Russian oil companies have offered 25 to 27 percent discount on crude oil prices to India.
This offer of Russian oil companies has a direct impact on the Nepali market.
Nepal buys refined oil from the Indian Oil Corporation of India. Nepal does not buy and process crude oil.
After Indian Oil buys and processes crude oil, Nepal has been buying that refined oil.
When Indian Oil buys oil at a huge discount and sells it in its market at a cheaper price, Nepal is also more likely to get oil at a cheaper price.
At present, the price of crude oil is increasing in the international market and as a result, the price of oil is also increasing in the Nepali market.
India is the second-most populous country in the world and the seventh-largest by area.
India has not voted against Russia in any of the international forums, including the UN Security Council and the General Assembly.
Thus, Russian companies have given priority to the Indian market. With the closure of Western markets, India has become a very important market for Russia.
