India’s oil market: Why state-owned refineries are cutting Russian crude while private firms step up?

India’s oil market is seeing a mixed approach as state-owned and private refiners take contrasting strategies on Russian crude.
State-run companies have cut back sharply while private refiners continue to take in supplies.

In September, they imported an average of 605,000 barrels per day (bpd), 32% below their April–August average, 22% lower than August, and 45% below June levels, according to Kpler, a global real-time data provider.Private refiners, however, have increased their purchases. Their imports rose to 979,000 bpd, 4% above their April–August average, 8% higher than August, and almost unchanged from June.