New Delhi: India’s largest oil refiner and fuel retailer, Indian Oil Corporation Limited (IOCL), has stated that it will comply with all sanctions imposed by the international community. However, the company has not clarified whether it will stop purchasing discounted crude oil from Russian firms such as Rosneft and Lukoil.
According to the company, the recent surge in profits was primarily driven by higher refining margins, which rose to $10.6 per barrel, compared to $1.8 per barrel in the previous year.
When asked whether the profit increase was due to the purchase of cheaper Russian oil, company official Mr. Sahni responded, “The company has achieved strong results even in the past without relying on Russian crude. The growth is a result of market conditions, improved crack margins, cost optimization, and enhanced operational efficiency.”
