India not considering buying crude from Russia in rupees: Govt
Earlier, Indian Oil Corporation, the nation's top oil firm, had bought three million barrels of Urals through Vitol for May delivery at a discount of $20-$25 a barrel to dated Brent.
- Mar 28, 2022,
- Updated Mar 28, 2022 3:30 PM IST
India is not considering buying oil from Russia using Indian rupees, the government told Parliament on Monday, after Western nations imposed sanctions on Russia over its invasion of Ukraine.
"At present, Oil Public Sector Undertakings neither have any contract nor is any such proposal under consideration from Russia or any other country for purchase of crude oil in Indian Rupees (INR)," Minister of State in the Ministry of Petroleum & Natural Gas Rameswar Teli said in a written reply in Rajya Sabha today.
Meanwhile, oil prices tumbled more than $5 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai launched a two-stage lockdown to contain a surge in COVID-19 infections.
The market kicked off another week of uncertainty, buffeted on one side by the war between Ukraine and Russia, the world's second-largest crude exporter, and expansion of COVID-related lockdowns in China, the largest crude importer globally.
Brent crude futures slid as low as $115.32 a barrel and were trading down $5.15, or 4.3%, at $115.50 at 0731 GMT.
US West Texas Intermediate (WTI) crude futures hit a low of $108.28 a barrel, and were down $5.30, or 4.7%, at $108.60.
Both benchmark contracts rose 1.4 per cent on Friday, notching their first weekly gains in three weeks, with Brent surging 11.8 per cent and WTI climbing 8.8 per cent.
Earlier, Indian Oil Corporation, the nation's top oil firm, had bought 3 million barrels of Urals through Vitol for May delivery at a discount of $20-$25 a barrel to dated Brent.
Additionally, Hindustan Petroleum Corporation Ltd (HPCL) also bought 2 million barrels of Russian crude and just like IOC, HPCL also bought Russian Urals crude through European trader Vitol, as per news agency PTI reports.
Separately, Mangalore Refinery and Petrochemicals Ltd (MRPL) floated a tender seeking 1 million barrels of similar crude oil.
To capture the opportunity, Indian refiners are floating tenders to buy such discounted oil. The tenders are mostly won by traders, who would have stocked inventories of the cheap Russian oil.
India is not considering buying oil from Russia using Indian rupees, the government told Parliament on Monday, after Western nations imposed sanctions on Russia over its invasion of Ukraine.
"At present, Oil Public Sector Undertakings neither have any contract nor is any such proposal under consideration from Russia or any other country for purchase of crude oil in Indian Rupees (INR)," Minister of State in the Ministry of Petroleum & Natural Gas Rameswar Teli said in a written reply in Rajya Sabha today.
Meanwhile, oil prices tumbled more than $5 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai launched a two-stage lockdown to contain a surge in COVID-19 infections.
The market kicked off another week of uncertainty, buffeted on one side by the war between Ukraine and Russia, the world's second-largest crude exporter, and expansion of COVID-related lockdowns in China, the largest crude importer globally.
Brent crude futures slid as low as $115.32 a barrel and were trading down $5.15, or 4.3%, at $115.50 at 0731 GMT.
US West Texas Intermediate (WTI) crude futures hit a low of $108.28 a barrel, and were down $5.30, or 4.7%, at $108.60.
Both benchmark contracts rose 1.4 per cent on Friday, notching their first weekly gains in three weeks, with Brent surging 11.8 per cent and WTI climbing 8.8 per cent.
Earlier, Indian Oil Corporation, the nation's top oil firm, had bought 3 million barrels of Urals through Vitol for May delivery at a discount of $20-$25 a barrel to dated Brent.
Additionally, Hindustan Petroleum Corporation Ltd (HPCL) also bought 2 million barrels of Russian crude and just like IOC, HPCL also bought Russian Urals crude through European trader Vitol, as per news agency PTI reports.
Separately, Mangalore Refinery and Petrochemicals Ltd (MRPL) floated a tender seeking 1 million barrels of similar crude oil.
To capture the opportunity, Indian refiners are floating tenders to buy such discounted oil. The tenders are mostly won by traders, who would have stocked inventories of the cheap Russian oil.