Iran has ended free shipping of crude oil to India and also terminated old system of getting amount for half dues in rupees. The Persian Gulf nation is now insists to pay in Euros for the oil it sells to Indian refiners. It also wants refiners like Essar Oil, Petrochemicals Ltd (MPRL) and Mangalore Refinery to clear nearly USD 6.5 billion of past dues in Euros, an officials said. Iran in November 2013 offered free delivery of crude oil to Indian refiners as tough western sanctions crippled its exports. With shipping lines refusing to transport Iranian crude for fear of being sanctioned, Iran used its shipping line for the delivery and did not charge for transportation.

The National Iranian Oil Company (NIOC) has communicated to Indian firms by saying that it will no longer be shipping oil for free, an official said. It will continue to ship the oil in its tankers but will charge a discounted tariff. Iran however has offered 90-days credit period and payment becomes due only after 90-days of invoice being raised. 

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