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NEW DELHI – There’s a break up rising in India’s refining sector as personal refiners faucet low-cost Russian crude and enhance earnings from exports simply as domestically centered state refiners get squeezed by excessive oil prices and government-capped home gasoline costs.
Whereas many Western consumers are avoiding Russian crude in response to its invasion of Ukraine, Indian personal refiners comparable to Reliance and Nayara have been among the many greatest consumers this 12 months of discounted Russian provides.
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