To utilize Russian oil, refiners had to invest in blending and processing upgrades or blend it with lighter crudes. Consequently, while the savings persist, the scale of "how much Russia cheapened oil for India" today is considerably less than the peak wartime emergency.
How Russia's Cheap Oil Transformed India's Household Budgets
Therefore, the true cost advantage is not just the ticket price but the net cost after factoring in freight, insurance, and refining adjustments. This moderation reflects several factors, including increased competition from other cheap suppliers like Iraq and the United States, as well as a more stabilized, albeit lower, level of global demand.
Indian refineries are largely configured to process sweet, low-sulfur crudes like the Brent blend. For India, which imported over 60% of its crude needs at the time, this represented a massive transfer of savings.
Russia's Discounted Oil Impact on Indian Household Budgets
Furthermore, Urals crude is known for its high sulfur content, making it a sour crude. Throughout 2023 and into 2024, the discount has moderated significantly.
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