Refiners process crude oil into fuels such as petrol and diesel for commercial use. Notably, Union Commerce Minister Piyush Goyal on 7 February told reporters that the MEA would provide clarity regarding India's acquisition of Russian crude. Could Indian refiners cut back on Russian oil imports? Reliance Industries (RIL) is also expected to stop Russian oil purchases after its 1,50,000 barrels are delivered in the next couple of weeks. Prashant Vasisht of Icra told PTI that instead of Russian oil, Venezuelan crudes could be of interest to Indian refiners.

Source: Mint February 08, 2026 12:04 UTC