Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said.
Indian oil companies have decided to cut crude imports from Russia because of only one reason, price, they said, requesting anonymity.
"Additionally, high insurance and transportation costs due to current geopolitical situation make Russian crude almost unviable. And our traditional sources such as Saudi Arabia and the UAE are offering very competitive rates," one of them, a senior government official, said.
The development has coincided with reports of more than a dozen Russian tankers being diverted from India since December.
Indian refiners started buying Russian crude only when it offered heavy discounts. That saw inflow of oil from Russia jumping to almost one-third of country's requirements from about 0.2% in early 2022, a second official said.
"Indian refiners are free to take their commercial decisions.
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