Srinagar, Aug. 6 -- India buys about 88 per cent of its crude oil, which is converted into fuels like petrol and diesel, from overseas. Russian oil made up for hardly 0.2 per cent of all crude oil that India imported till 2021. After Moscow invaded Ukraine, Russian oil was available at a discount to international benchmarks due to western sanctions, and was quickly lapped up by Indian refiners. Russia is now India's largest oil supplier.

In July, India imported about 5 million barrels of oil a day, of which 1.6 million came from Russia.

After the new levy, India will attract the highest tariff of 50 per cent along with Brazil. After this, India's competitors will be much better placed in the US market as their duty is lower - Myanmar (4...