Indian refiners are shunning Russian oil for April deliveries, and likely beyond, to aid New Delhi’s push for a crucial trade pact with Washington, sources in refining and trade report.
The United States and India edged closer to a trade pact Friday, unveiling a framework for a March deadline deal to slash tariffs and boost economic ties.
According to a report by Reuters, Indian Oil, Bharat Petroleum and Reliance Industries are rejecting trader offers for Russian oil loading in March and April, according to a trader who approached them.
While these refiners had already scheduled some March Russian oil deliveries, most other Indian refiners have ceased purchasing Russian crude.
The report further mentioned that the three refiners and the oil ministry did not respond to requests for comment. On Saturday, the trade minister directed questions about Russian oil to the foreign ministry.
A foreign ministry spokesperson stated, “Diversifying our energy sourcing in line with objective market conditions and evolving international dynamics remains central to our strategy for ensuring energy security in the world’s most populous nation.”
Although a U.S-India trade framework statement omitted Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, previously imposed over such purchases, after New Delhi committed to halting direct or indirect Russian oil imports.
The report comes amid repeated claims by the US President Donald Trump that PM Modi assured him India would stop Russian oil buys “within a short timeframe” to cut Kremlin funding for Ukraine, shifting instead to US and Venezuelan crude after Maduro’s capture. He tied this to tariff relief from 50% to 18%, calling it a win where India aimed to “make me happy.”
While New Delhi has not publicly confirmed a full halt, prioritising energy security and diversification amid market dynamics, imports persist despite refiners avoiding new March-April cargoes.
The Ministry of External Affairs has firmly rebutted President Trump’s claim that PM Modi committed to halting Russian oil imports, prioritising energy security for 1.4 billion citizens.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: ZEE News
