Government denies oil companies told to look outside Russia

NEW DELHI: Despite pressure from the US, govt has dismissed reports that it has asked refiners to stop purchasing Russian crude, which has emerged as the top source of petroleum for Indian refineries.

Since the war erupted in Ukraine, Russia has become the favourite source of oil, especially for private refiners, thanks to the hefty discount on offer. With Europe and several parts of America stopping direct oil purchases from Russia, Indian refineries were using the crude not just for domestic pumps but exporting large quantities to other markets.

Two foreign news agencies reported on Thursday that govt was pushing them to import oil from sources other than Russia. A senior govt official, however, said no such instructions have been issued.

US President Trump on Wednesday had threatened a penalty over the 25% tariff due to India's large arms and oil purchases from Russia.

Stay informed with the latest business news, updates on bank holidays and public holidays.

Discover stories of India’s leading eco-innovators at Ecopreneur Honours 2025