September 24, 2018 / 8:13 AM / in a month

Exclusive - Indian Oil Chairman says refiners are considering using crude inventories to cut imports

NEW DELHI (Reuters) - Indian refiners are considering using their oil inventories to cut import costs as global oil prices have risen to about $80 a barrel and the Indian rupee has plunged, said the chairman of the nation’s top oil refiner, Indian Oil Corp UIOC.NS.

FiLE PHOTO: A logo of Indian Oil is seen on the shirt of an employee at a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi

Sanjiv Singh, who was present at a Sept. 15 meeting of Indian oil refiners where the inventory plan was discussed, said the companies are also looking at ways to widen their crude slate and crude sources to cut imports.

Reporting by Nidhi Verma; Editing by Christian Schmollinger

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