Business News / Mukesh Ambani will change history, will bring cheap petrol to you

Business News: Now the colors of General Elections 2024 have started appearing on the country. After the inauguration of Ram temple in Ayodhya, BJP has started preparations for the elections. The interim budget is also going to be presented after a few days. Meanwhile, the country's biggest industrialist Mukesh Ambani is going to do a big work after 3 years, which can get you cheaper petrol and diesel.

Only after the elections of 5 states were over in the month of December, the Petroleum Ministry had said that India will import crude oil from all those countries which are not banned. Therefore, now the expectation of crude oil coming to India from Venezuela has increased after 3 years, because the economic sanctions imposed on Venezuela have been lifted in the year 2019. According to commodity market analytics firm Kapler, crude oil from Venezuela last reached India in November 2020.

Mukesh Ambani's direct deal

As early as December 2023, it became clear that Mukesh Ambani's company Reliance Industries would deal directly with Venezuela in this matter. The company had then booked 3 tankers of crude oil, the delivery of which is to start from January 2024. Earlier also, apart from Reliance Industries, Nayara Energy Limited used to regularly import crude oil from Venezuela. However, this time there is a possibility of government oil companies also buying crude oil from Venezuela. In such a situation, petrol and diesel are expected to become cheaper in the country before the elections.

Russia's cheap crude oil alternative

Till now India was importing crude oil from Russia at heavy discount. Now this discount has come down to just $2 per barrel. Whereas India is expected to get crude oil from Venezuela at a discount of 8 to 10 dollars per barrel. Venezuela is a member of OPEC, an organization of crude oil exporting countries.

At present it has the world's largest oil reserves. In such a situation, if cheap oil is available from Venezuela, the prices of crude will come down in the market and Indian refineries will benefit from it. Which will ultimately help in bringing down the price of petrol and diesel in the country. India imports 80% of its crude oil needs.