State-run Hindustan Petroleum Corporation (HPCL) has significantly reduced imports of Russian crude oil on a quarter-on-quarter basis in Q2 FY26 citing refinery economics while favouring Middle Eastern and West African grades.

The country’s third largest PSU refiner, which operates more than 24,000 fuel retail outlets, imported 5 million tonnes (mt) crude oil during the September quarter in FY26 of which Russian crude oil accounted for 5 per cent. This is in contrast to grades from Moscow accounting for 13.2 per cent of its total imports in Q1 FY26.

“In Q2 FY26, if I look at the total crude we bought, it was around 6.1 mt or whereabouts of total crude we had, of which 1.1 mt was indigenous crude and 5 mt was imported. Russian crude in my overall basket was only 5 per cent in the last

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