India refuses to budge to U.S; IOC, HPMCL purchase Russian crude oil at discount

After Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) has bought two million barrels of Russian crude oil as Indian refiners stepped up efforts to secure Russian oil available at deep discounts. Just like IOC, HPCL also bought Russian Urals crude through European trader Vitol, PTI quoting sources reported today. Separately, Mangalore Refinery and Petrochemicals Ltd (MRPL) has floated a tender seeking one million barrels of similar crude oil. Western sanctions on Russia over its invasion of Ukraine has prompted many companies and countries to shun its oil. This has led to Russian crude being available in the market at deep discounts. Watch the video for more.