Hmm, India is buying oil at a discount rate but they are selling those oil by refining to European countries when oil price in their own country is skyrocketing. When people are suffering because of these price hikes then govt is making a hell lot of money.
They can not reduce oil prices in their country when they are already buying it at a discount rate then how OPEC countries increased oil supply will decrease the oil price?
But if India is buying it at a discounted price, why not share this benefit to its people?
it's call capitalism, buy cheap sell for a markup as much as the market bears.
I would not doubt for one second that refineries anywhere in the world would jump at the chance to buy discounted oil and resell it at global rates.
That goes for India, China, Hungary or anyone else including the USA but there would be some hoops to jump for buyers in the US to get hold of Russian oil at steep discounts.