New Delhi, May 1: An upward swing in fuel prices across India is likely as the nation will end its import of Iranian crude from tomorrow. The United States has warned nations not complying with its sanctions against Iran with diplomatic backlash. New Delhi is among the 8 countries who were granted exemption to import oil from Tehran despite the sanctions being slapped against the latter in November last year.

The six-month waiver granted to India and others ends on Thursday, May 2. At least two beneficiary nations -- China and Turkey -- have announced the defiance of warning issued by Washington, announcing that they will continue importing crude oil from Iran which offers it at a cheaper rate as compared to Saudi Arabia, the UAE and the US. India Prepared to Deal with US Decision to End Iran Oil Waivers: MEA

The end of waiver, right in middle of the grand Lok Sabha elections 2019 in India, is likely to tick upwards the rate of petrol and diesel. Experts, however, are of the view that the ruling dispensation may halt the fuel hike till May 19, when the final phase of polls are to be held, and allow the price surge subsequently.

External Affairs Minister Sushma Swaraj, according to reports, has dialled US Secretary of State Mike Pompeo and discussed the issue. She is expected to have sought an additional waiver for India, as the end of crude import from Iran will adversely hit New Delhi's energy and economic interests.

Nearly one-tenth of India's overall crude import comes from Iran. The benefits of rupee trading and free shipping gives Tehran an upper hand over Gulf neighbours Saudi Arabia and the UAE.

(The above story first appeared on LatestLY on May 01, 2019 05:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).