With international crude oil prices breaching USD 90 per barrel mark for the first time in 10 months, Indian refiners which are the key beneficiaries of cheaper Russian crude should still be able to clock refining margins of around USD 9-10 per barrel in current fiscal, CareEdge Ratings said on Monday. With Brent crude breaching the USD 90 per barrel mark this month, the gap between international benchmark prices vis-a-vis Urals – the flagship Russian crude – has widened for Indian refiners as Russian crude can be sourced within the G-7 price cap of USD 60 a barrel, it said.
