RIL Pitches For High Oil Price

Reliance Industries Ltd (RIL) is seeking a premium of at least $3.5 per barrel over an international benchmark for crude oil it produces for eastern offshore KG-D6 block, according to the tender the firm put out on Monday.

Reliance and its partner BP of the UK sought bids from domestic refiners for sale of 17,600 barrels (2,800 kilolitres) of crude oil every month from April 2025 to February 2026. The crude oil has been priced at daily average price of Nigerian Bonny Light grade of crude oil plus $1.5 per barrel quality premium.

Bidders have to quote a premium over this price, the tender document said. Bonny Light last traded for $73.5 per barrel.