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RIL's refining margins may stay strong
Business Standard
|September 06, 2025
Reliance Industries Ltd's (RIL's) refining earnings will remain steady, supported by its position as India's largest importer of Russian crude and favourable global supplies, according to analysts at JM Financial and Goldman Sachs.
Reliance imported more Russian barrels than any other Indian refiner in the past eight months, according to data from Bloomberg/Kpler.
In August, Reliance bought about 664,000 barrels daily, well ahead of Indian Oil Corp (341,000 barrels) and Nayara Energy (229,000 barrels). Bharat Petroleum took 133,000 barrels a day, while Hindustan Petroleum imported just 28,000 barrels. Reliance's purchases peaked at 746,000 barrels a day in June, underscoring its dominant sourcing position.
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