BPCL to cut crude imports from West Asia to 50% from 65%
Bharat Petroleum Corporation (BPCL), a major public sector oil refiner, plans to further reduce its dependence on crude oil from West Asia to 50% from 65% at present as the company plans to increase sourcing from countries in West Africa, Far East and Latin America. The plan, to be implemented in phases over the next two-three years, comes close on the heels of Opec and Opec+ countries decision to continue with production cuts in the near term.
The Opec decision is likely to impact the economics of retail price (petrol, diesel) in the country, which is already affected by high excise duty and state level taxes, that together account for around two-third of the petrol and diesel prices.
