The price of Indian crude oil is rising again, reflecting the rise in global oil markets due to supply concerns as the Russia-Ukraine conflict escalates.
The Indian crude oil basket price jumped to $106.03 per barrel on April 15, 2022, according to a report by the Petroleum Planning and Analysis Cell, at a rate of 76.22 per dollar.
On April 11, 2022, the price of Indian basket crude was $97.82 a barrel at an exchange rate of (Rs/$) 75.96, suggesting a jump of over $8, or 8.39 percent, since then.
While the current price is below the March average of $112.87, it has increased significantly from the April 1 low of $103.02 per barrel.
This increase in costs, combined with the rupee's 26-paise depreciation against the dollar between April 11 and April 15, indicates that domestic petroleum prices are expected to rise.
Retail gasoline prices have remained steady for the 12th day in a row as of Monday, but retailers may be obliged to raise pump prices if the upward trend in global crude and the Indian oil basket price continues.
According to reports from last week, petroleum Minister Hardeep Singh Puri encouraged states to reduce VAT on gasoline and diesel to help customers.
In January, Indian crude oil basket prices averaged $84.67 per barrel, and in February, they averaged $94.07 per barrel. In April of last year, the average cost was around $63 per dollar, which was much lower than the most recent figures.
"Indian crude oil prices remain high," sources from the Petroleum Ministry told NDTV on April 6.
When queried about the softening trend at the time, Petroleum Ministry Sources said, "The price of crude oil in the international market remains high, with the Indian crude oil basket still hovering around $104 per barrel today."
"A few months ago, it was approximately $70 to $80 per barrel," the sources claimed.