India, March 9 -- For the first time since the Russia-Ukraine war, Russian crude oil commands a $4-5 a barrel premium over the global prices. Until the Iran-Israel-US war, which engulfed most of the Gulf nations, Moscow sold the fuel at a massive discount of $10-15 a barrel. Traders admit that India is now paying more than the market prices to take deliveries from Russia. For the Indian refiners, which are cut off from traditional and massive supplies from the Middle East through the now-closed Strait of Hormuz, Russian oil is a saviour.

While the global prices rose 25 per cent over the past few days, the hike in Russian supplies was an impressive 50 per cent. According to a Kremlin spokesperson, quoted in media reports, "We are seeing a...