The government has turned to oil diplomacy to secure better fuel supply contracts, a move that industry officials say can cut India´s import bill by at least Rs 10,000 crore.
The initiative comes at a time when the members of the Organization of the Petroleum Exporting Countries (OPEC) are battling for market share amid competition from new energy suppliers. Gulf countries too have shown heightened interest in investing in India.
Centre tries to reduce fuel bill
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