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Indian refiners may buy Russian fuel, export own
Some Indian refiners are planning to import Russian diesel and other refined products for domestic consumption so they can free up locally produced fuels for export to the West, which has nearly stopped taking refined products from Russia, according to people familiar with the matter.
The European Union has banned the import of refined petroleum products from Russia, including petrol, diesel and jet fuel, from February 5. The European Union, along with G-7 countries, has also placed price caps on Russian refined products.
Russia has already become the top supplier of crude to India, accounting for 28% of India’s crude imports, up from less than 1% in 2021. India’s imports of Russian refined products have also risen to record levels in recent months, though mostly limited to fuel oil. They may soon expand to petrol and diesel.
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