(Reuters) -Indian refiner Reliance Industries said on Thursday continuing geopolitical and tariff-related uncertainties may affect trade flows and demand-supply balance.
In its annual report, the Mukesh Ambani-led firm said crude prices remain volatile amid evolving sanctions, changing tariff regimes and output decisions by OPEC and non-OPEC members.
“If we cave under pressure, we risk losing access to cheaper Russian crude, which could squeeze refining margins. That’s a risk for Reliance and oil marketing companies,” said Pramod Gubbi, co-founder at Marcellus Investment Managers.
Oil marketing companies were last trading lower between 0.6% to 2%, in a weak market with the benchmark Nifty 50 down 0.6%.
Shares of the company were already down 1% a day after U.S. President Donald Trump doubled down on India tariffs, imposing another 25% duty to pressure New Delhi over its energy ties with Russia.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)
