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India eases oil import rules as it seeks to cut costs

Fernanda Nunes | Published tue Sep 25, 2018 11:38 pm | 839 Views

India has for the first time allowed state refiners to buy 35 percent of their oil imports in tankers arranged by the seller, a document reviewed by Reuters showed, enabling them to swiftly tap cheaper cargoes.

The move will help refiners in Iran’s second biggest oil market to boost purchases from alternative sources as U.S. President Donald Trump prepares to halt Iranian oil sales through a new set of sanctions from Nov. 4.

The measure is part of a series of attempts by the world’s third-biggest oil importer and consumer to cut its surging oil import bill in the face of rising oil prices and a weaker Indian rupee.

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