Brent above $90 doesn’t tell the full story of India’s oil bill. Tight physical supplies have pushed some Gulf crude to a hefty premium, while the Russian discounts that helped Indian refiners after the Ukraine war have largely vanished. Disruptions in West Asia have also forced India to source more oil from farther-flung suppliers, adding freight costs. Anirban Chowdhury speaks to ICRA’s, senior VP and Co-Group Chair Prashant Vasisht about why the physical crude market has diverged from benchmark prices, what it means for refinery and marketing margins, whether consumers could eventually feel the pain, and what could bring India’s crude costs down. Listen in