Mukesh Ambani’s Reliance Industries, through its massive Jamnagar refinery, has significantly increased India’s import of discounted Russian crude oil since 2022, benefiting the nation far beyond corporate profits.
By securing Russian oil at discounts—sometimes $2-$3 per barrel below Brent crude—India has saved billions on energy imports, stabilizing domestic fuel prices.
For instance, diesel in Delhi remains steady at ₹90 per litre, despite global volatility, unlike Germany, where diesel costs €1.80 per litre (₹160), or the UK, where petrol averages £1.50 per litre (₹165), due to their reliance on pricier non-Russian oil.
These savings ripple across India’s economy. Lower fuel costs reduce transportation and manufacturing expenses, curbing inflation and keeping essential goods affordable for millions.
In 2023, India’s oil import bill dropped by an estimated $5 billion, preserving foreign exchange reserves and strengthening the rupee.
This stability supports small businesses and farmers, who rely on affordable diesel for transport and machinery.
Additionally, Reliance’s exports of refined products like diesel to Europe, where demand surged post-sanctions, have boosted India’s trade balance, creating jobs and tax revenue.
By leveraging discounted oil, India enhances energy security, reduces dependence on volatile Middle Eastern supplies, and positions itself as a refining hub, driving economic growth for all.
Beyond macroeconomic gains, anyone with market foresight could have capitalized on this. Reliance Industries, a publicly listed company, saw its stock rise 34% since the Ukraine conflict began, outperforming global peers like Exxon Mobil.