1 April 2002
India痴Products Deregulation May Benefit Middle East Crude Suppliers
TwoIndian refiners have opted to take responsibility for their own crude oilpurchases, to coincide with the abolition on 1 April of the country痴Administered Price Mechanism (APM), which controls domestic petroleum productssales. Currently the Indian Oil Corporation (IOC) buys crude oil on behalf of India痴 mainly state-owned refiners and takes the bulk of theirproducts at set prices. However,...