Higher crude prices will drive inflation or hurt earnings at oil companies and India's fiscal position if such spikes are not passed on to consumers.
Indian purchases of Russian crude declined by around 24 per cent in August from July to the lowest level since January, with refiners expecting volumes to drop further amid rising rates of Russian benchmark Urals grade, substantial stocks at refiners, and planned maintenance at Indian refineries, according to ship tracking data and industry officials.
Shipments of Russian oil to India dropped to 1.6 million barrels per day (bpd) in August from 2.1 million bpd in July, the steepest month-on-month drop, according to loading data from London-based market intelligence provider Vortexa and Paris-based market intelligence agency Kpler.
Volumes in August were the lowest since purchases of 1.4 million barrels per day in January.
"The decline in August is largely driven by lower Russian Urals supplies, with the crude's narrowing discounts to Brent possibly dampening Indian refiners' appetite as well," said Serena Huang, an analyst at Vortexa.
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