Indian Oil shifts 84% of crude buying to spot market as Middle East disruptions raise costs
Indian Oil has increased spot crude purchases from 50% to nearly 84%, adding West African and Latin American supply sources. Higher crude costs pushed the refiner to a Rs 2,661 crore April–June standalone loss despite higher fuel sales, throughput and domestic market share.
Indian Oil has lifted spot crude buying to nearly 84% amid Middle East supply disruptions, diversifying toward West African and Latin American suppliers. Higher crude costs drove a Rs 2,661 crore quarterly loss, despite record fuel sales, refining throughput and a higher domestic market share.
Why this matters
The shift follows Indian Oil's ₹2,661 crore quarterly loss as fuel marketing margins turned negative and its $500 million RBI swap-window funding, signaling mounting pressure from crude costs and supply disruption.
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