‘Russia’s affected consignment will be restored by March’ – Russias Affected Consignment will be restored by March

Public sector oil marketing company BPCL is confident of restoring consignment from Russia in the next few months. This information was given by BPCL Financial Director Vats Ramakrishna Gupta to Business Standard on the sidelines of India Energy Week.

FY 25 (2024–25) had a 34 percent of the Russian consignment stake in the company’s imports in the October-December quarter. He insisted, ‘In case of lack of supply from Russia due to restrictions, our stake can fall into a short term to 20 percent. We will be able to get the consignment again from the beginning of March and again from April. Therefore, supply will come to a normal level.

Stringent restrictions have been imposed on ships bringing crude oil from Russia. With this, the company has faced difficulties in obtaining oil in February and will not be able to get more than 50 percent consignment by March, Gupta said, “We are trying to get the remaining 50 percent consignment but it will take time.”

The director said that sufficient crude oil is available in the market. It is especially available at a higher cost from the US, West Asia and Brazil.

Gupta said, ‘Russia’s consignment is available at some discount. It was 5-6 barrels per dollar last year while it was $ 3.5 per barrel in the third quarter of the financial year. Now it has fallen to $ 3 per barrel.

BPCL is developing widespread facilities on the new highways of the country. It is a large part of the non -fuel section of BCCL.

First Published – February 11, 2025 | 10:58 PM IST