India's import of discounted crude oil from the Russian Federation hit an all-time high in May, with state-run refiner Indian Oil Corporation (IOC) becoming the biggest importer of Russian oil, pushing Reliance Industries to the second place, trade and shipping data shows.
Indian imports of Russian oil, which accounted for over 46 per cent of its total crude oil imports in May, have grown after strong backing from New Delhi, with state-run refiners powering imports of discounted crude. Discounts on Russian oil average around $10 a barrel, said an official from a state-run refiner. IOC's May purchases rose 64 per cent month-on-month and accounted for half of its crude imports last month, ship tracking data shows.
This story is from the June 01, 2023 edition of Business Standard.
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This story is from the June 01, 2023 edition of Business Standard.
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