India bought Russian oil at $84.2/bbl in October, highest since December 2022: Report
Also Read: Russian President Vladimir Putin to run for elections, 'as a military leader of a country at war’ India purchased Russian oil at an average price of about $81.24 per barrel in September, according to Reuters' based on the latest data posted on the Trade Ministry's website. India's intake of Russian oil could rise on softening prices, a government official said last week. The price of Russia's flagship grade Ural in Baltic ports has plunged since late November below the $60/barrel ceiling.
The government wants to cut its crude import bill and the average cost of Russian oil is lower than that from Iraq and Saudi Arabia, the second and third-biggest oil suppliers to India. The price of a barrel of oil from Iraq and Saudi Arabia in October averaged $85.97 and $98.77, respectively, the data showed. Apart from direct supplies from Russia, Indian refiners also get Russian oil supplied from ports in Greece, Spain and Korea.
Refiners in India largely buy Russian oil on a delivered basis, with sellers arranging for shipping and insurance. The adherence to the G7-fixed ceiling allows the use of Western services such as shipping and insurance in transactions involving Russian oil. The government data does not specify freight, insurance, or other charges paid by Indian refiners but it is significantly higher than the $60 per barrel price cap.
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