India’s average crude oil import price rose to nearly $100 a barrel, its highest level in three months, amid renewed volatility in global oil markets, while consumption of key petrolsuch as petrol and diesel also increased, according to government and industry data.
The price of the Indian crude basket was $99.35 a barrel on Wednesday, according to the Petroleum Planning and Analysis Cell (PPAC), and is expected to cross the $100-mark by Friday amid renewed hostilities between the US and Iran, industry experts said. India imports more than 88% of the crude oil it processes. However, retail petrol and diesel prices have largely been insulated from extreme international price volatility, with state-run oil marketing companies (OMCs), which control more than 90% of the country’s 103,023 petrol pumps , keeping pump prices largely unchanged.
PPAC, the petroleum ministry’s data keeper, publishes data on the Indian basket with a lag. The basket represents an average of the various grades of crude imported by Indian refiners , including Brent, Oman and Dubai.
