Crude import costs rise as Russian oil share dips, amid pressure to reduce imports: Report

India's average crude import cost has increased sharply versus the Dubai benchmark, in FY2026 so far, even as the share of Russian crude in the country's oil basket has declined, said Kotak Institutional Equities in its latest report.

- ANI

The brokerage noted that with alternate crudes likely to be more expensive, premiums could also remain elevated and impact GRMs for refiners.

According to Kotak, India's average oil import cost is nearly USD 5/bbl higher versus Dubai crude in FY2026 so far, the steepest premium recorded in recent years.