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

oil refinery, crude oil, oil

Photo: Bloomberg

S Dinakar Amritsar
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 as $3–4 per barrel last month. However, they have since widened to $5–6 per barrel this month, as reported by

Also Read

Luxury car sales up 38% YoY in June, more growth than overall vehicle sales

FMCG sales slow on lower stocking; home care only category to report growth

Tracking the economic indicators: Oil imports from Russia make a new record

IT hardware companies may be asked to register for imports in FY24: Report

Falling inbound shipments cast a shadow on IGST and cess on imports

Assam CM rolls out financial aid scheme to help youths set up business

Xi Jinping meets Prachanda, assures China will boost border infrastructure

Madhya Pradesh auctions 22 mineral blocks, to earn Rs 38,100 crore

Universal cartons soon to be mandatory for selling apples in Himachal

Punjab govt has provided over 36,000 jobs in past 18 months: CM Mann

First Published: Sep 24 2023 | 12:49 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to