Reliance industries stays away from Russian oil, public sector firms

Reliance Industries Ltd, India’s biggest buyer of Russian crude oil, has not bought any barrels from Kremlin in January so far while state-run refiners have stepped up imports prompted by discounts hitting some USD 7 per barrel, almost triple the level seen in mid-2025.

Reliance, which was touted as the world’s biggest buyer of seaborne Russian oil at around 600,000 barrels per day in 2025, did not buy any Russian crude oil in first three weeks of January, industry sources said, and



ship-tracking data showed.

HPCL-Mittal Energy ltd — a joint venture of Hindustan Petroleum Corporation Ltd and the London-based Mittal Group of steel czar Lakshmi Mital — Mangalore Refinery and Petrochemicals Ltd and HPCL too did not pick up any Russian crude.

However, state-owned Indian Oil Corporation (IOC) bought an average of 470,000 bpd, its highest ever, data from maritime intelligence firm Kpler showed.

IOC had bought 427,000 bpd in December 2025.