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India's state-run refiners are facing challenges as Russian oil becomes more expensive and less accessible due to higher freight rates and US sanctions. The attacks in the Red Sea by Houthi rebels have disrupted fuel trade, impacting Indian refiners and potentially eroding their competitive edge.
India is the world’s third-largest consumer of crude oil and depends on imports to meet over 85 per cent of its requirement.
Cheaper Russian crude compared to Middle Eastern alternatives has prompted Indian refiners to import more crude from Russia in September compared to a seven-month low in August
US Wheat Associates Board Chairman, Michael Peters
US Wheat Associates Board Chairman, Michael Peters