Last fiscal, the company imported a total of around 36 million metric tonnes (MMT) of crude oil, of which nearly 39% came from Russia.
The expected cut in imports this year is due to moderation in discount offered by Russia. The company said it previously received a discount of nearly $8-$10 per barrel on Russian crude oil last year. This year, the discount is expected to be lower, potentially in the range of $3-$4 or $3-$6 per barrel.
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