Freed from a layer of fusty bureaucracy, India's state refiners are helping the country evolve an oil market that reflects its status as both the world's fastest growing major economy and oil consumer.

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Changes to import rules mean officials from India's state-owned oil refiners no longer have to stand in the corridors of the Oil Ministry waiting for government bureaucrats to approve their spot imports. They can now strike deals in as little as two hours, resulting in savings for consumers and lower costs for the companies.

This freedom allows state refiners, which control two-thirds of India's 4.6 million barrels per day (BPD) of processing capacity, to compete on a more level playing field with less-regulated private refiners like Reliance Industries Ltd, and is encouraging investment in infrastructure.

"Earlier, I was required to reconcile my crude requirements with the availability of government officials. Now, I can float a tender whenever I want," said A. K. Sahoo, head of finance at Mangalore Refinery and Petrochemicals Ltd.