Posted: 26.12.2023 13:49:00

India made first-ever Rupee payment for oil imports from UAE

For the first time, India used the Rupee to pay for crude oil imports from the United Arab Emirates, thus contributing to the spread and use of the country’s national currency on the global stage, TASS reports


As the Business Standard newspaper reports, citing sources from the Indian Ministry of Petroleum and Natural Gas, paying in Rupees for crude oil purchased in the UAE helps promote India’s national currency globally. This is especially important for India – the world’s third largest energy consumer.

India is currently actively working to reach agreements on Rupee payments with other oil exporting countries.

With over 85 per cent of its oil needs reliant on imports, India is striving to purchase hydrocarbons at the lowest price, diversifying its oil supply sources and complying with all international obligations, the publication’s sources noted.