Discounts on Russian crude oil to India plunge to $4, delivery charges remain opaque
Bharat Petroleum Corporation Ltd (BPCL), Mangalore Refinery and Petrochemicals Ltd and HPCL-Mittal Energy Ltd as well as private refiners Reliance Industries Ltd and Nayara Energy Ltd continue to negotiate deals with Russia separately. The discounts could have been higher if state-controlled units, who account for roughly 60% of the 2 million barrels per day of Russian oil flowing into India, negotiated together.
Before Russia's invasion of Ukraine in February last year, India was a minor importer of Russian crude, with purchases of about 44,500 barrels per day (bpd) in the 12 months to February 2022. According to the PTI news agency, Indian refiners buy crude oil from Russia on a delivered basis, putting the onus on Moscow to arrange for shipping and insurance.
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