Indian private refiners profit from cheap Russian crude as state refiners suffer
There are divisions that emerged in the Indian purification sector when private rectors tapping cheap Russian crude oil and increasing profits from exports like the country that focused domestically was squeezed by high oil costs and the price of domestic fuel covered by the government.
While many Western buyers avoid Russian crude oil in responding to invasion of Ukraine, Indian private refiners such as Reliance and Nayara have become one of the biggest buyers this year for Russian supply discounts.
They reaped huge profits by reducing domestic sales and aggressively increasing fuel exports, including buyers in Europe, who now boycotted the import of Russian energy.
Conversely, the statement of the state is a buyer who is much smaller than Russian crude oil because they mostly buy oil bas...