6-week high: India's crude import price hits $100-a-barrel mark
India's average crude oil import price has surpassed $100 per barrel for the first time in six weeks due to rising tensions in West Asia. Analysts warn that sustained high prices could increase financial pressure on oil marketing companies.
Why it matters
Rising oil prices directly impact inflation and the cost of living in India, making energy security a critical economic concern for the nation.
NEW DELHI: India's average crude import price crossed the $100 per barrel mark for the first time in six weeks last Friday and is likely to rise further as international crude prices surge amid intensified hostilities in West Asia and supply disruptions through the Strait of Hormuz.Indian basket of crude oil - derived average of the sweet-grade global benchmark Dated Brent and the sour-grade benchmarks of Oman and Dubai - increased to $101.07 per barrel Friday, the highest since July 23, Petroleum Planning and Analysis Cell data showed.Along with crude, international free-on-board (FOB) prices of petrol and diesel have also surged. While the international FOB price of diesel has averaged $156.88 a barrel this month, up from $149.35 in Aug, the corresponding price for petrol has averaged $122.12 this month, compared to $110.87 in Aug.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in