Finance
India's Hpcl Resumes Russian Oil Purchases, Sources Say
Published by Global Banking & Finance Review®
Posted on March 5, 2026
2 min readLast updated: April 1, 2026
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Published by Global Banking & Finance Review®
Posted on March 5, 2026
2 min readLast updated: April 1, 2026
Add as preferred source on GoogleHindustan Petroleum (HPCL) has resumed purchasing Russian crude after a roughly three‑month pause, securing two aframax cargoes at about a $13 per barrel discount to dated Brent for arrival later in March. India’s Russian crude import share had plunged to around 21–22% in January but may have risen
By Nidhi Verma
NEW DELHI, March 5 (Reuters) - India's state-run Hindustan Petroleum Corp has resumed purchase of Russian oil after a gap of three months, buying two cargoes for arrival later this month, two sources familiar with the matter said.
The refiner placed an order for two aframax tankers carrying Russian oil before the U.S. and Israel launched strikes on Iran on February 28, the sources said.
HPCL purchased the oil from a trader at a discount of around $13 per barrel to dated Brent on a delivered basis, the sources said.
HPCL did not immediately respond to a request for comment and has not commented previously on why it stopped buying Russian oil.
India's imports of Russian crude fell to about 1.1 million barrels per day in January, the lowest since November 2022, as New Delhi sought relief from U.S. tariffs, pushing Moscow’s share of overall oil imports down to 21.2%, industry data showed.
However, a source said on Wednesday that the share of Russian oil could climbed back to around 30% in February.
(Reporting by Nidhi Verma. Editing by Mark Potter)
HPCL resumed Russian oil purchases after a three-month gap, placing orders for two cargoes amid changing market conditions.
HPCL bought Russian oil at a discount of around $13 per barrel to dated Brent on a delivered basis.
India's imports of Russian crude dropped to about 1.1 million barrels per day in January, the lowest since November 2022, but could rebound to 30% share in February.
HPCL placed orders for two aframax tankers carrying Russian oil for arrival later in March.
HPCL did not respond to a request for comment and has not previously explained the pause in Russian oil purchases.
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