Govt has not directed oil companies anything on Russian oil imports: HPCL chairman
Speaking during an investor call, Kaushal emphasised that a complete stoppage of oil imports from Russia would not have any "significant" impact on HPCL's operations.
"There is no guidance or direction from the government to either stop or continue importing Russian oil," Kaushal stated. "We are free to make import decisions based purely on commercial merits."
Russian crude accounted for just 13.2% of all the crude processed by HPCL into products like petrol and diesel during the April-June quarter of the current fiscal year. The company processed a total of 6.66 million tonne of crude oil during this period.
Kaushal clarified that the relatively low share of Russian crude in HPCL's overall feedstock mix was driven entirely by economic factors. "It's not because of any geopolitical reason. It was an economic decision based on what we needed to run in our refineries," he said. Only the Vizag refinery processed Russian crude in Q1, while the Mumbai refinery sourced oil from other regions.
Meanwhile, US President Donald Trump announced earlier this week that he would impose an additional 25% tariff on U.S. imports from India, raising the total duty to 50% as a penalty for the country's continued purchases of Russian oil.
India remained the largest buyer of Russian crude in July, importing 1.6 million barrels per day. However, reports indicate that India has not placed any orders for Russian oil for August and September, as discounts on Russian crude narrowed to just $2 per barrel.
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