Russia price caps spur India interest in naphtha, fuel oil, but not diesel
NEW DELHI (Reuters) -More Indian firms are attracted to buying Russian naphtha as low-cost feedstock for their refineries and petrochemical plants after price caps imposed by Western nations, six refining sources said.
Prices for refined products such as naphtha and fuel oil are capped at $45 a barrel by the Group of Seven nations, the European Union, and Australia in a scheme aimed at curbing Moscow funding its war against Ukraine.
By comparison, Singapore naphtha traded at $80.03 a barrel on Tuesday on a free on board basis.
The price cap was implemented along with an EU ban on Russian oil products imports on Feb. 5.
