Reliance Industries share price will be closely monitored following the company’s denial of reports regarding the purchase of Iranian crude oil. The stock ended Friday’s trading session 0.10% higher, closing at ₹1,413.10 per share.In a filing with the exchange on March 27th, Reliance Industries stated it categorically rejects recent media reports alleging the acquisition of Iranian crude. The company emphasized the reports are “entirely baseless, factually incorrect, and misleading.”
Reliance operates the world’s largest refining complex at Jamnagar, Gujarat, with its petroleum and chemicals segment a significant contributor to overall earnings. The company urged media outlets to verify information before publication.
Reuters reported on Tuesday that Reliance has secured a 5 million barrel cargo of Iranian crude, just days after the US temporarily lifted sanctions on Iranian oil. Sources cited Reuters reported the cargo was purchased from the National Iranian Oil Co.
The Trump administration granted a 30-day sanctions waiver last week, allowing the purchase of Iranian oil already at sea, aiming to alleviate supply constraints and mitigate rising prices following the Iran conflict. This waiver, the third of its kind, covers oil loaded on vessels before March 20, with discharge required by April 19.
Despite the waiver, Indian refiners have expressed caution, citing logistical challenges and uncertainties surrounding payments, currency mechanisms, insurance, and logistics – factors that have limited immediate purchasing activity, according to Bloomberg News. Refineries have not imported Iranian crude since 2019, following previous sanctions. The petroleum ministry indicated to Bloomberg that all refineries are currently operating at full capacity and have sufficient oil supplies for the next 60 days.
Recent Reliance Industries Share Price Performance
Reliance Industries share price has exhibited volatility recently. The stock recorded gains of over 1.43% in the past week, but experienced a decline of 10.27% year-to-date. Over the past year, the share price has risen by more than 11%, and a three-year performance shows gains of 26.37%.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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