Iran has offered a credit period of 60 days for oil purchases in the current fiscal year, Pradhan told lawmakers in a written response. In 2016/17, Iran had offered 90 days credit period.

The minister said state oil refiners import oil as per commercial and operational consideration. He did not elaborate further.

India's state refiners have cut oil import plans from Iran by a quarter in the year to March 2018, sources earlier told Reuters.