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flag India's fuel costs could soar by billions if it stops buying Russian oil, a report warns.

flag If India stops buying Russian oil, its fuel bill could rise by $9 billion in the next fiscal year and $12 billion in 2027, according to a State Bank of India report. flag Russia currently supplies 35% of India's crude oil imports. flag Stopping these imports would likely raise global oil prices by up to 10%, as Russia accounts for 10% of global crude supply. flag Despite pressure from the US, which has threatened tariffs, India has not officially halted Russian oil purchases but is exploring other suppliers.

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