Discount shopping: PSU refiners stock up on cheap Russian crude

India’s state-run refiners are buying several million barrels of the Russian crude that’s selling at a deep discount due to Western sanctions. Hindustan Petroleum Corp Ltd (HPCL) has purchased 2 million barrels of Russian crude, according to people familiar with the matter. Mangalore Refinery and Petrochemicals Ltd (MRPL) has floated a tender seeking one million barrels of oil, with an eye on securing cheap Russian supplies, they said.