India’s reliance on Russian crude oil is evolving, with exclusive data revealing diminishing discounts but continued value for state refiners. Despite reductions, current discounts significantly contribute to gross refining margins (GRMs), reflecting Indian refiners’ adaptability to process Urals profitably. Discounts peaked in early 2023 due to geopolitical factors, but ongoing production cuts and demand dynamics are reshaping the landscape. While discounted Russian oil remains crucial, experts anticipate its impact on India’s refining margins to diminish over time.