Archive · 6 Sep 2025
Reliance Refining Margins Expected to Stay Strong Amid Russian Crude
Reliance Industries is expected to make a lot of money from refining oil.
They buy a lot of cheap oil from Russia, which helps them make more profit.
Analysts predict they will continue to do well because of this.
Reliance had a refining margin of $8.5 per barrel last year compared to its competitors like Indian Oil with $4.8.
Reliance's import advantage has translated into strong refining margins relative to peers.
However, a former Reserve Bank of India governor suggested a tax on refiners to help exporters.
Reliance said its high profits aren't just because of Russian oil.
Reliance imports more Russian crude than other Indian refiners.
Reliance reported a $8.5/barrel gross refining margin in FY25.
Analysts predict strong margins supported by Russian crude and global market.
Goldman Sachs projects EBITDA growth to accelerate in FY26.
Former RBI governor suggested a windfall tax for refiners.
- Who
- Reliance Industries
- What
- Refining margins expected to remain strong
- When
- FY25/FY26
- Where
- India
- Why
- Due to strong Russian crude imports and global dynamics
Former RBI Governor
Reliance Industries
Windfall Tax on Refiners
Former RBI Governor
Advocates for a windfall tax on refiners benefiting from Russian oil.
Reliance Industries
Company official states disproportionate profitability due to Russian crude is incorrect.
- Company
- Reliance Industries
- Refining Margin (FY25)
- $8.5/barrel
- Russian Crude Imports (August)
- 664,000 barrels daily
- EBITDA Growth (FY26)
- 16%
- Discount on Russian Crude (Before Sanctions)
- $20/barrel
Sources
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