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Why discounted Russian crude oil hasn't cooled retail fuel prices

Russian crude oil, which was less than 1 per cent of imports prior to Russia's invasion of Ukraine in February, rose to 8 per cent of India's crude oil import volume in April

Russia Oil production | Russia Ukraine Conflict | Fuel prices

S Dinakar  |  Amritsar 

Combined Russian oil flows for Asia’s top two buyers, India and China, surged to records in April. (Photo: Bloomberg)
An official with a state-owned refiner said investments in refining will dry up if oil marketing companies started benchmarking local production costs to fuel prices

Indian refiners are not passing on the cost savings derived from purchasing discounted Russian crude oil to the end-users of diesel and petrol, according to data gleaned from actual imports of oil and the benchmark index of the Indian crude import basket.



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First Published: Thu, August 04 2022. 06:05 IST