IOCL bought 10 lakh barrels of crude oil in Indian currency, this way the country will benefit
Indian Oil Corporation has purchased 1 million barrels of crude oil from Abu Dhabi National Oil Company. He has paid it in rupees. This is a kind of historical step because earlier the purchase of crude oil was paid in dollars. To meet the oil needs in India, more than 85 per cent has to be imported.
The Indian government has taken steps to give global recognition to the rupee. The Indian Oil Corporation has purchased 10 lakh barrels of crude oil from Abu Dhabi National Oil Company. He paid for this purchase in rupees. Let us tell you that to meet the oil requirements in India, more than 85 per cent has to be imported.
For the first time, payment for the purchase of crude oil has been made in rupees. This is a historic step. After this, the use of Indian national currency will be promoted. Earlier, dollars were used to pay for the purchase of crude oil. In July 2023, India and Abu Dhabi National Oil Company signed an agreement for payment in rupees for the purchase of crude oil. After this historic decision, Rupee will get global recognition.
After this move of India, the dollar's dominance in the global economy was reduced. India uses dollars for trade. In such a situation, emphasis will be placed on the maximum use of local currency after this payment. According to a media report, Russian oil purchases will also be paid in rupees. There has been no official confirmation of this yet.
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After this step, on one hand, Indian currency will be in circulation globally and on the other hand it will help reduce the demand for the dollar. Oil purchases have been paid for in dollars since the 1970s.
