New Delhi, May 20: Amid the ongoing crisis in the Middle East, the state-owned oil company Bharat Petroleum Corporation Limited (BPCL) has ramped up its crude oil purchases from Russia. Currently, Russian crude oil accounts for approximately 41% of the company’s total imports, a significant rise from 31% during the fourth quarter of the fiscal year 2026 (January to March). This information was shared by the company’s Director of Finance, V.R.K. Gupta, on Wednesday.
In a media interaction, Gupta explained that due to rising tensions in the Middle East, BPCL has diversified its sourcing strategies, particularly increasing purchases from Russia. Previously, in the third quarter of fiscal year 2026 (October to December 2025), Russian crude oil constituted about 25% of the company’s import basket.
During a conference call following the fourth quarter results, Gupta stated that the company has introduced eight new grades of crude oil this year, covering four geographical regions. He assured stakeholders that crude oil supply has been secured until July 2026.
Additionally, Gupta mentioned that BPCL is also sourcing crude oil from other countries, including the United States and Venezuela.
For fiscal year 2027, the company has set a capital expenditure target of ₹25,000 crore, significantly higher than the ₹20,400 crore spent in fiscal year 2026.
Earlier, BPCL released its results for the fourth quarter of fiscal year 2025-26. The company’s consolidated profit for the March quarter increased by 28% year-on-year, reaching ₹5,624.54 crore, compared to ₹4,391.83 crore in the previous fiscal year. However, on a sequential basis, the profit fell by 22%, down from ₹7,188.40 crore in the third quarter of fiscal year 2026.
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