Venezuela Oil Imports: Will Petrol-Diesel Prices Drop? India to Save Billions

• India could save approximately $3 billion (₹27,000 crore) annually by importing oil from Venezuela, according to an SBI research report.
• Venezuelan oil is priced around $51 per barrel, making it $10-$14 cheaper than current Russian oil prices ($60-$65 per barrel).
• Despite higher shipping costs and longer transit times (40-50 days vs. 20-25 days from Russia), the significant discount from Venezuela could still make it more economical.
• Venezuelan oil is 'heavy and thick' but India's advanced refineries (Reliance, Nayara) are capable of processing it.
• If the $3 billion savings are passed to consumers, petrol and diesel prices could decrease by ₹3 to ₹5 per liter.