Russian crude accounted for about 25% of the entire basket within the third quarter of the earlier fiscal 12 months, a senior BPCL official mentioned. |Picture supplied by: Reuters
The share of Russian crude in Bharat Petroleum’s complete basket has elevated to about 40-41% from about 31% within the March 2026 quarter, Vetsa Ramakrishna Gupta, director of finance on the state-owned oil advertising and marketing firm, advised traders in a convention name with analysts on Wednesday (Could 20, 2026).
Mr. Gupta additionally attributed the rise in volumes of Russian crude oil to elevated availability on the spot market.
“The share of Russian (crude oil) cargoes is steadily growing. It was 31% within the fourth quarter (2025-26), however this quarter it has been largely equipped on spot foundation, growing the supply of Russian crude oil. Subsequently, take-offs are increased at round 40-41%,” Mr. Gupta advised traders.
Russian crude made up about 25% of the basket within the third quarter of final fiscal 12 months, the senior official mentioned.
In response to a query in regards to the affect of the US sanctions, Mr. Gupta defined that the sanctions weren’t on Russian oil, however on particular corporations. He claimed that BPCL made purchases solely from unauthorized entities.
“In the course of the exemption interval, Russian crude oil might be bought from any celebration, however as soon as the exemption interval expires, it’s going to solely be doable to buy from unlicensed events,” he mentioned. “The Russian oil we purchase, whether or not it is on cargo ships, ports or provides, at all times comes from non-licensed entities, and they need to be non-licensed entities.”
“Crude oil provide is secured till July this 12 months”
Total, the official mentioned they’d secured crude oil provides till July this 12 months.
“This 12 months, now we have diversified into eight new grades of crude oil (petroleum) overlaying 4 geographic areas,” he mentioned. “We’d additionally wish to guarantee you that crude oil provides are secured till July 2026.”
Elaborating on diversification, Mr. Gupta advised analysts that Bharat Petroleum examined numerous grades of crude oil within the final monetary 12 months, together with crude from spot cargoes in North America and the Center East.
“WTI is among the locations now we have tried (together with) Venezuelan crude. We even have Center Japanese spot grades accessible, corresponding to Murban,” he mentioned. “Final 12 months, we additionally examined new grades: Venezuelan, Brazilian and Angola. Many grades can be found spot, however the principle supply continues to be Russia.”
Touchdown prices are excessive
In response to a query about touchdown prices making an allowance for rising freight and insurance coverage prices, Mr. Gupta mentioned they have been suggestively about $12 per barrel increased, though he added that they’re dynamic and alter recurrently.
“It (touchdown cost-driven premium) all depends upon what supply we get our crude from, however indicatively, if we need to shut some form of deal on at the moment’s date, if Brent crude is $110 a barrel, our touchdown (prices) will most likely be round $120 to $122 a barrel, which is consistently altering,” he mentioned.
Individually, the senior government advised pre-war traders that the extra value of WTI crude was “Brent plus $4 to $5,” which rose to about $20 on the peak of the struggle.
