Limited discounts on Russian oil for Indian refiners

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.