Indian crude oil basket touches 10-year high, petrol price unchanged
The Hindu
The Indian basket of crude oil on June 9 touched $121.28, matching levels seen in February-March 2012
The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen.
The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012, according to data available from the oil ministry's Petroleum Planning and Analysis Cell (PPAC).
As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 — the immediate period after Russia's invasion of Ukraine sent oil on fire. It averaged $103.44 a barrel between March 30 and April 27.
International oil prices held near a 13-week high on Thursday, underpinned by robust demand from key buyers like the US.
They, however, pared some gains on Friday, with Brent crude futures for August losing 81 cents to trade at $122.26 per barrel. US West Texas Intermediate crude for July was at $120.72 a barrel, down 79 cents.
Retail fuel rates, however, continue to be on a freeze in India.
State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are supposed to adjust petrol and diesel prices daily in line with the cost, but they have been since November 2021 moderating pump rates.
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