According to industry insiders who preferred to remain anonymous, state-owned Bharat Petroleum Corp. and Indian Oil Corp, alongside leading private refiner Reliance Industries Ltd have collectively procured approximately 7 million barrels of US crude slated for loading in April. If realized, this would mark the highest monthly volume since May, as reported by Kpler, a data intelligence firm.

Adding to the geopolitical tensions, risks of a widening conflict have escalated as Russian refined product exports are expected to decline due to several refineries undergoing repairs following drone attacks.

While at current prices, oil companies are making some money on petrol, and diesel the most consumed fuel accounting for almost 40 per cent of all petroleum products consumed in the country, but it has been in a "touch-and-go" scenario in recent weeks.