Iran crude costs India $2 less than global prices: Moily
Brent crude was trading at $105 a barrel on Friday while US oil was at $96.75
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Moily Veerappa M
Crude oil from Iran costs India $2 less per barrel than global prices, oil minister said on Friday, outlining the reasons for the country's desire to source oil from sanctions-hit Tehran.
"Our refiners enjoy much better margins. The cost is $2 less ... that's why we are seriously engaging with Iran," M. Veerappa Moily said.
Brent crude was trading at $105 a barrel on Friday while US oil was at $96.75.
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First Published: Jun 14 2013 | 1:24 PM IST