Home / Economy / News / After lower sales in August, Russia ups discount on crude sale to India

After lower sales in August, Russia ups discount on crude sale to India

Higher discounts on Russian oil this month may help Indian refiners reduce crude sourcing costs and trim fuel marketing losses even as Brent crude crosses $95/barrel, weakening the country's finances

Premium

Photo: Bloomberg

5 min read Last Updated : Sep 24 2023 | 10:12 PM IST

Russia has increased its discounts on crude oil sales to Indian refiners by 25–50 per cent for the month of September. This move comes after pushbacks by Indian refiners threatened to erode Russia’s market share of over 42 per cent in India’s crude imports, according to industry officials.

The availability of cheaper Russian oil has led to a rebound in Indian purchases this month, after purchases in August dropped to the lowest level since January.

The discounts on the Russian benchmark Urals, a sour, high-sulphur grade similar to Gulf crudes sourced by Indian oil companies, had dropped to as low

Topics : Russia Oil production Indian refineries Crude Oil India oil imports

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in