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Russia oil discount doubles for Indian refiners in two months
Mint Bangalore
|January 03, 2026
The lower price of Urals crude will help India’s import bill as oil prices have tumbled about 20% in the past year to around $60 a barrel.
Rosneft, Lukoil accounted for 60% of Russia's $56.8 billion FY25 crude exports to India.
(AP)
About 88% of India's crude demand is met with imports. Every dollar decline cuts India's oil import expenditure by about ₹13,000 crore on an annualized basis.“Higher discounts are good for Indian refiners, more so at a time when crude prices are already around $60 per barrel,” said Madan Sabnavis, chief economist with Bank of Baroda. “Given that Indian refiners are selling their products in the international market at market prices and the domestic retail prices are stable, both a decline in prices and higher discounts would augur well for them.”
This story is from the January 03, 2026 edition of Mint Bangalore.
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