The New Indian Express ·
India's crude basket touches $128.70 a barrel
With the renewed conflict in West Asia between Iran and the US, India’s crude oil basket has surged to $128.70 a barrel as on September 14, according to data from the Petroleum Planning and Analysis Cell (PPAC).
The Indian crude basket had averaged $109.76 a barrel in September so far, compared with $90.19 in August and $82.04 in July. The latest price is nearly 43% higher than July’s monthly average, highlighting the sharp rise in crude prices in recent weeks.
For India, which imports more than 88% of its crude oil requirement, a sustained rise in international oil prices could increase the country’s import bill and put pressure on fuel economics. According to estimates, a $1 increase in crude oil prices sustained for a year could increase India’s import bill by around Rs 18,000 crore. The impact is significant as crude imports already account for a major share of India’s oil import bill. During April-July, the country’s crude import bill reached $63.37 billion, up 56% year-on-year.
