Figures for April so far show softening of Indian crude oil basket prices
According to the report of the Petroleum Planning and Analysis Cell, the price of Indian crude oil has softened to $ 97.59 a barrel against the dollar on April 7 at $ 75.81 a barrel.
This is a matter of relief for the country which imports about 85 percent of its oil requirement.
Global crude oil prices have surged since Russia invaded Ukraine on February 24, with international benchmark Brent futures hitting a multi-decade high of nearly $140 a barrel last month.
While crude oil prices have eased from those highs, international oil prices have remained above $100 a barrel since Moscow invaded Ukraine, with benchmark futures contracts falling for the second week in a row.
The latest report released on Friday showed that the Indian crude basket prices softened to $97.59 a barrel on April 7 at an exchange rate of 75.81 against the dollar.
A year ago, the average cost was about $63 per dollar.
According to the Petroleum Planning and Analysis Cell report, Indian crude oil basket prices averaged $84.67 a barrel in January, $94.07 in February and $112.87 a barrel in March.
But the figures so far in April show a moderating trend.
In line with that easing, there was no change in fuel prices in metro cities for the second consecutive day on Friday after increasing 14 times in 17 days.
Fuel rates remained stable for more than four months since November, when Indian crude oil basket prices averaged more than $80 a barrel.
The rate revision ended on March 22. Overall, petrol and diesel prices have increased by Rs 10 per liter respectively after 14 rate revisions.
The rise in pump prices coupled with higher crude oil prices globally has added to inflationary concerns.
While crude oil prices have moderated, petroleum ministry sources told NDTV on Wednesday that “Indian crude oil prices remain high”.
When asked about the recent softening, petroleum ministry sources said on Wednesday, “With crude oil prices remaining high in the international market, Indian crude oil basket is still around $104 per barrel.” “A few months back, it used to be around $70-$80 a barrel,” sources said.