Trump tariff impact? Oil refiners stop Russia oil purchases in spot market

Following US tariffs on Indian exports due to trade ties with Russia, state-owned refiners like IOCL, BPCL, HPCL, and MRPL have reportedly ceased spot market purchases of Russian crude oil. Reliance Industries and Nayara Energy, with term agreements, may continue imports. This shift could raise costs and impact refining margins, though India can transition to alternative sources.

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