Indian imports of Russian oil plunged by a record in August month-on-month (MoM) as discounts on the fuel shrank in tandem with rising Brent oil prices. Higher crude prices will drive inflation or hurt earnings at oil companies and India’s fiscal position if such spikes are not passed on to consumers.
Indian purchases of Russian crude declined by around 24 per cent in August from July to the lowest level since January, with refiners expecting volumes to drop further amid rising rates of Russian benchmark Urals grade, substantial stocks at refiners, and planned maintenance at Indian refineries, according to ship tracking data and industry officials.
