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IOC says it continues to buy oil from Russia
Financial Express Chennai
|August 19, 2025
STATE-OWNED DOWNSTREAM MAJOR Indian Oil (IOCL) on Monday said it continues to purchase Russian crude oil in the current quarter, depending upon the economics.
However, the company noted that discounts on Russian barrels have narrowed significantly to just $1.5-2 per barrel.
The comments come at a time when India faces the risk of a 50% tariff from the US. Washington has already announced an additional 25% tariff on the country for continuing to buy Russian oil. In the first quarter of FY26, Russian oil accounted for 24% of IOCL's total imports, up from 22% in FY25.
This story is from the August 19, 2025 edition of Financial Express Chennai.
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