Reliance Industries Shares Soar 2% on Securing Waiver for Russian Oil 

Shares of Reliance Industries Ltd soared 2% on 6 March after the US gave a broad permission allowing some Russian oil deliveries to India amid the West Asia conflict. 

The United States provided a general license allowing some Russian oil sales to India, heightening tensions in West Asia and reducing oil supply. The measure expires on 4 April at 12:01 am Washington time, according to Bloomberg.

“To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil,” US Treasury Secretary Scott Bessent said in a post on X. “This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea.”

Russia remained India’s leading crude oil supplier in February, accounting for 21% of the country’s total oil imports, despite US attempts to reduce Moscow’s purchases. India’s crude oil imports from Russia remained stable at 1.1 million barrels per day (bpd) until 27 February, according to an earlier Business Standard story. 
 
Other Indian refiners, notably Hindustan Petroleum Corporation (HPCL), Mangalore Refinery and Petrochemicals (MRPL), and HPCL-Mittal Energy (HMEL), did not purchase Russian oil in February 2026.

Reliance Industries is expected to benefit from greater gross refining margins. However, fuel marketing losses of approximately Rs 20 per litre may balance any advantages for OMCs. Nomura predicts negative integrated margins for Hindustan Petroleum Corporation Ltd. due to its larger proportion of fuel marketing volumes, where margins remain extremely low.

At 1:05 pm, the shares of Reliance Industries were trading 2.08% higher at Rs 1,418.30 on NSE. 

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