India is the world's third-largest consumer of energy, relying on imports for nearly 80% of its crude oil requirements. As Russia is being sanctioned from all sides owing to the situation in Ukraine, India has stepped up to buy Russian oil at a huge discount despite threats from the US.
According to regional media on Thursday, India's state-run refiner, Hindustan Petroleum Corporation (HPCL), has purchased two million barrels of Russian oil for delivery in May, as the country's refiners expedite endeavors to get crude from Moscow at a bargain.
The petroleum was provided by European trader Vitol, and it is the second sale of its kind; previously this week, Indian Oil Corporation (IOC) acquired three million barrels of Russian Urals crude for shipping in May at a markdown of $20-$25 per barrel.
Mangalore Refinery and Petrochemicals Ltd (MRPL), another Indian firm, is said to have issued a bid for one million barrels with the same reference point.
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