Bharat Petroleum Corporation Limited (BPCL) announced plans to decrease its Russian crude oil imports to 25% of its total needs in FY 2024-25, down from around 39% last fiscal year. This reduction is attributed to a moderation in the discount offered by Russia, expected to be in the range of $3-$6 per barrel compared to $8-$10 per barrel previously. Despite this decrease, Russian crudes will still play a significant role in BPCL’s operations in the coming years. The decision follows increased imports after the 2021 Ukraine-Russia war and US sanctions on Russian crude.
BPCL to Reduce Russian Crude Oil Imports in FY 2024-25
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