discount on crude from russia is dried but india has no plan to cut import
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Despite this, executives at the country’s four major refiners say they will continue to buy Russian crude. They say that oil coming from the Middle East is still very expensive. Samiran Chakraborty, chief economist for India at Citigroup Inc, said there was a perception that India had limited capacity to refine Russian oil. But it is now clear that there is no such obstacle. This means Indian refiners will continue to buy Russian oil as long as they make a profit on it. India is buying about 2 million barrels of crude oil daily from Russia.
how much discount is left
Russian oil was banned by European buyers and some countries in Asia like Japan after Russia’s invasion of Ukraine in February last year. Along with this, he also imposed a limit of $ 60 per barrel for Russian oil. Russia started selling oil with a discount. In June, India was getting Russian oil at $68.17 a barrel, its lowest price since Russia’s invasion of Ukraine. At that time Saudi Arabian oil was costing $81.78 per barrel. But recently the discount available on Russian oil has reduced.
There has been no change in the price of petrol and diesel in the country since May last year. In May, the Center had cut excise on petrol and diesel, while before that in April, the oil companies last changed the prices. In many cities of the country, the price of petrol is running around Rs 100 a litre. Margins of these companies have seen a lot of improvement in recent times. Assembly elections are to be held in many states of the country this year and then general elections will be held next year. That’s why it is believed that the government can give some relief in the price of petrol and diesel.
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