Discounts on Russian oil imported by India have nearly doubled in the past two months to $8- 10 per barrel as state refiners mounted pressure on suppliers and reduced their intake from Russia for a while, according to people familiar with the matter.
Expanding discounts have boosted imports, increasing Russian oil’s share in India’s overall crude imports to 38% in September from 33% in August. Imports of Russian oil by state-run refiners surged a quarter in September after falling 30% in August. State refiners account for two-thirds of Russian imports. State refiners are taking Russian oil almost entirely from non-Russian entities to extract better discounts and avoid payment troubles, said the people.
