Indian Oil Corporation is currently not in discussion for a fixed quantity deal to import Russian oil. The decision is due to the volatility in the international market. Import of Russian oil rose after the Ukraine war. Russia was India’s top crude oil supplier for three years. IOC’s import of Russian oil has decreased to 22-23 percent.

India’s biggest refiner, Indian Oil Corporation, has agreed to a five-year deal to import liquefied natural gas (LNG) from global trading firm Trafigura, according to three trade sources on Wednesday. The price for the LNG will be linked to the U.S. Henry Hub benchmark.