Hindustan Petroleum Corporation Limited is increasing purchases of Russian crude oil as rising geopolitical tensions between Iran and the United States continue to push up global energy prices and pressure refining margins for oil marketing companies.
During the company’s post-earnings conference call, Vikas Kaushal, Chairman and Managing Director of HPCL, said the company is significantly raising imports of Russian crude in an effort to shield margins from volatile global oil prices.
Management indicated that HPCL has already secured crude supplies for the next two months while also increasing dependence on spot cargo purchases. Procurement activity for July cargoes has already started, according to company executives.
The move marks an important shift for one of India’s largest state-run oil marketing companies as elevated crude prices continue impacting the sector’s cost structure.
Executives also indicated that the ongoing Iran-US conflict has made it increasingly difficult for public sector fuel retailers to continue absorbing higher input costs while maintaining stability in domestic fuel pricing.
The company’s comments come at a time when concerns regarding India’s energy situation have intensified due to geopolitical instability in West Asia.
The development also follows Prime Minister Narendra Modi’s recent call urging citizens to reduce fuel consumption, while several government officials have highlighted the need for greater energy conservation measures amid the uncertain global environment.
Higher crude prices have added pressure across the energy supply chain, particularly for oil marketing companies that continue balancing procurement costs with domestic pricing considerations.
As of 14 May 2026, at 9:16 AM, Hindustan Petroleum Corporation Limited share price is trading at ₹380.50 per share, reflecting a decline of 2.46% from the previous closing price.
HPCL is strengthening its crude sourcing strategy through increased Russian oil purchases as global geopolitical tensions continue affecting energy markets, procurement costs and refining margins across the oil sector.
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Published on: May 14, 2026, 9:52 AM IST
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