⚡The finance director of one of India’s state-owned refining companies said that purchases of Russian crude oil will decrease next month because transportation costs have risen and Russian offers have lost their appeal.

Vatsa Ramakrishna Gupta, the finance director of Bharat Oil, said on Monday after the release of the company’s quarterly results that Middle Eastern oil has become more commercially viable and Russian cargoes for next month will be “significantly reduced.”

Russia’s share of the company’s supply basket in the third quarter of the Gregorian calendar year was about 37%.

The price differential for Russian oil cargoes for December, which was 12 to 13 dollars per barrel in this month, has fallen to about one to two dollars.

Imports of Middle Eastern oil into India surged in Shahrivar and returned to pre-war levels, while Indian refiners, under pressure from competition with China, reduced purchases of Russian oil.