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Jury out on oil sanctions hit on RIL as co assesses impact
Mint Mumbai
|October 25, 2025
Discounted Russian oil makes up over two-fifths of the company's crude basket
The US has put sanctions on Rosneft and Lukoil in a bid to dent Russia's ability to fund its war in Ukraine.
US sanctions on Russian oil have divided analysts on how much they could hurt Reliance Industries Ltd's refining margins, with estimates ranging from a negligible hit to as much as $5 a barrel.
With discounted Russian oil comprising over two-fifths of the company’s crude basket, it could see some squeeze on profitability, but a boost from rising diesel cracks may help offset the hit.
Those expecting a sharper margin hit say that as the company switches to other markets, including West Asia, it will lose out on the discount available on Russian oil, even as they have narrowed from over $10 a barrel in 2022 to about $2-3 a barrel in recent months. What could also upset the margin math, they say, is a surge in the price of crude oil from other sources due to the fresh sanctions on Russia—Brent rose by 5% to just under $66 a barrel on Thursday.
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