Indian refiners are receiving lower discounts on Russian oil compared to European counterparts following the EU directive in March that bars European traders from supplying to non-European customers.
Since the outbreak of the Ukraine war, Indian state-run and private refiners have significantly raised their intake of Russian oil that’s been selling at a deep discount to the global benchmarks. But average discounts availed by Indian refiners on a delivered basis have been in the range of $10 per barrel, much lower than what is believed to be availed by refiners in Europe, said oil industry executives.
