MoF evaluating costs of importing oil from alternative markets

The Ministry of Finance is evaluating the economic costs associated with importing oil from alternative markets such as Iraq and Saudi Arabia. This is due to the withdrawal of sanction waivers by the US on the import of Iranian oil by the country. As per the Ministry of Petroleum and Natural Gas, Indian refineries are completely prepared to cater to the national demand for petrol, diesel and other petroleum products apart from sourcing oil supplies from these alternative markets. Meanwhile, India and China are in discussion for cooperation in buying oil and gas.