Russian oil price to India for August hits highest since December
The average price of Russian oil delivered to India in August rose to the highest level since G-7 nations imposed a price cap in December last year, Indian government data showed, indicating narrowing discounts.
India received Russian oil at an average price of about $86 per barrel, compared to $68.09 per barrel in July and $94 in August 2022 before the cap was imposed, according to Reuters’ calculations based on the latest data posted on the Indian Trade Ministry’s website.
Refiners in India largely buy Russian oil on a delivered basis, with sellers arranging for shipping and insurance.
