Govt to ease rules for selling domestic crude oil

The Cabinet Committee on Economic Affairs  ( CCEA ) chaired by Prime Minister Narendra Modi is likely to approve a proposal to allow domestic crude oil manufacturing companies to sell domestic crude oil in the open market, sources have told Business Today TV.

The Government is looking at easing regulations for domestic crude oil producers for selling crude oil, the source said.

Sources further add that such move will encourage companies to boost crude oil exploration and production the country. India's crude oil imports from Russia have jumped over 50 times since April and now make up for 10 percent of all crude bought from overseas. Indian refiners bought about 25 million barrels of Russian oil in May

After the US and China, India is the world's third-largest consumer of oil, over 85 per cent of which is imported.

(This is a developing story. Details will be updated)