State-run Indian Oil, BPCL, HPCL and MRPL are preparing to purchase heavy volumes of Russian crude that’s going at a deep discount to help ease the margin pressure oil refiners are facing due to their inability to pass on fuel cost increases in the domestic market, according to people familiar with the matter.
Companies would make the move in a day or two after they achieve clarity on insurance, freight and payment for the Russian oil in view of the Western sanctions on Russia for its invasion of Ukraine, the people cited earlier said.
