New Delhi, Oct. 23 -- India's average crude import cost has increased sharply versus the Dubai benchmark, in FY2026 so far, even as the share of Russian crude in the country's oil basket has declined, said Kotak Institutional Equities in its latest report.

The brokerage noted that with alternate crudes likely to be more expensive, premiums could also remain elevated and impact GRMs for refiners.

According to Kotak, India's average oil import cost is nearly USD 5/bbl higher versus Dubai crude in FY2026 so far, the steepest premium recorded in recent years.

The report attributed the rise, to reduced discounts on Russian crudes, rising premiums from other countries, lower Venezuelan imports and higher US imports.

Russia's share in India'...