Iran Currency Gridlock May Raise India’s Oil Costs
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Indian refiners including Indian Oil Corp. may be forced to buy crude at higher prices from the spot market as they seek details from India’s central bank on the method of payment to Iran, its second-biggest supplier.
“We are awaiting clarity on the payment mechanism,” B.M. Bansal, chairman of Indian Oil, the nation’s biggest refiner, said by telephone from Chennai. “If the volumes we import from Iran becomes unavailable, we may have to go elsewhere for the crude and that may impact prices.”