Why discounted Russian crude oil hasn't cooled retail fuel prices

Russian crude oil, which was less than 1 per cent of imports prior to Russia's invasion of Ukraine in February, rose to 8 per cent of India's crude oil import volume in April

Indian refiners are not passing on the cost savings derived from purchasing discounted Russian crude oil to the end-users of diesel and petrol, according to data gleaned from actual imports of oil and the benchmark index of the Indian crude import basket.
 

The pump prices of both petrol as well as diesel have been unchanged since April 6, if one excludes the impact of the excise cuts in May, despite a sustained inflow of cheaper crude oil from Russia in the aftermath of the war in Ukraine.
 

Indian refiners price petrol and diesel off international benchmarks rather than sourcing and