Indian companies sometimes face delays in paying for Russian oil above $60/bbl: Oil secretary

Indian companies "sometimes" face delays in paying for Russian oil priced above the $60 cap per barrel fixed by the Western nations, India's oil secretary Pankaj Jain said on Monday.

"Nobody stops us from buying Russian oil at above the price cap level provided. We are not using western service," Jain told reporters on the sidelines of an event.

In case of Russian oil priced above the cap, the companies on their own manage to find alternative mechanisms to settle payments, he said, adding most Russian oil supplies to India are made at below the price cap level.


He also said India is seeking to buy oil at discounts from other countries depending on grades.

India has significantly increased oil imports from Russia since the beginning of the conflict in Ukraine.