Oil price crash may not benefit India due to falling demand and full tanks

Monday’s crude oil price collapse may not have much impact on Indian refiners or on pump prices at least till June but could spoil the prospects of oil giants such as Saudi Aramco pouring billions to buy stakes in local refineries such as Reliance Industries Ltd, Bharat Petroleum Corporation or the planned mega refinery in Maharashtra.

“In India, it doesn’t have much impact simply because we are not going to buy much of crude, all our tanks are full throughout the country,” said the director refinery of a state-run oil refining company.

‘So, immediately in May/June, we don’t see any impact. The price crash will have an impact if we buy the crude and bring it to India,