'India not exporting fuel directly to Russia'

Union Oil Minister Hardeep Singh Puri clarified on Thursday that Indian companies are not directly selling refined fuels to Russia, after reports emerged that Moscow had started importing gasoline from India to ease domestic fuel shortages."Indian companies are not selling fuels to Russia," Puri said, according to Reuters.

"Possible that Indian-origin refined fuel is sold to Russia via traders."The clarification came after a Reuters report that Russia has begun seaborne imports of gasoline from India to help bridge a widening supply gap.Industry sources told the wire agency that at least 60,000 metric tonnes of gasoline have already been dispatched from India, while another source said two tankers carrying between 30,000 and 40,000 tonnes each had been sent.Fuel shortages have been reported across Russia's 11 time zones, leading to rationing, long queues at filling stations and record-high gasoline prices.

The Kremlin said earlier this week that it was in contact with several countries to secure fuel imports at acceptable prices.According to a third industry source cited by Reuters, Russia plans to import around 400,000 tonnes of gasoline every month from multiple countries, including neighbouring Belarus, which has already been supplying fuel.Russia's summer gasoline consumption exceeds 110,000 tonnes a day, when seasonal demand is at its peak.OMCs incur Rs 74,781 crore lossesSpeaking separately, Puri said state-run oil marketing companies (OMCs) incurred losses of Rs 74,781 crore by selling petrol, diesel and LPG below cost for the period up to June 30, as global crude oil prices surged during the West Asia conflict.He said although international crude prices have eased in recent weeks, refiners are still processing crude purchased when prices were significantly higher.Since oil companies typically procure crude around two months in advance, the fuel currently being refined is largely from cargoes bought in April and early May, when benchmark crude prices had spiked.On the possibility of a reduction in petrol and diesel prices, the minister said such a decision would depend on whether international crude prices remain at lower levels over the next few weeks. ...