In India’s refining sector, a rift is forming as private refiners take advantage of low-cost Russian crude to raise export earnings; while state refiners are constrained by high oil costs and government-capped domestic fuel prices.

While many Western consumers are staying away from Russian crude as a result of the country’s invasion of Ukraine; Indian private refiners such as Reliance and Nayara have been among the top importers of cheap Russian supply this year.
They are making huge profits by cutting domestic sales and aggressively increasing fuel exports; even to European buyers who are boycotting Russian energy.