The Reserve Bank of India has directed major state-owned refiners to persuade Persian Gulf suppliers to accept a minimum of 10% of oil payments in rupees in the upcoming financial year. This move aims to reduce dollar dependency in oil transactions. However, there is resistance from both crude suppliers and Indian processors. Additionally, HPCL plans to commence a refinery in Rajasthan by the end of December, predominantly using oil from the Middle East.
India’s state-run oil refiners are shying away from contracted Russian crude supply as the once-booming trade becomes much harder under tighter enforcement of US sanctions https://t.co/fLIV9EkIyj
De-Dollarization In Delhi - India Urges Gulf Exporters To Accept Rupees For Crude https://t.co/hdD2DmyEEJ
India urges state refiners to use rupees for oil payments, aims to reduce dollar dependence https://t.co/CqnMNL7cht https://t.co/pXYDdwiP51
The Reserve Bank of #India asks the country’s major state-owned refiners to press #Gulf suppliers to accept at least 10 percent of oil payments in #rupees in the next financial year, executives at the processors say. https://t.co/8RkVW7brrk
#India: HPCL to start Rajasthan refinery by end-Dec using mostly Mideast oil #oott https://t.co/7A7ZlmaJZ0
#India Asks State Refiners to Pay for Some Oil Imports in Rupees RBI wants Gulf exporters to accept at least 10% in currency Crude suppliers and Indian processors are pushing back #oott https://t.co/SNWh7xxiPJ
The Reserve Bank of India has asked the country’s major state-owned refiners to press Persian Gulf suppliers to accept at least 10% of oil payments in rupees in the next financial year, three executives at the processors say https://t.co/fByTZAWEko