Fuel prices come under pressure as Brent crude climbs to $92 a barrel
Petrol and diesel prices in India have come under pressure with Brent crude oil trading at $92.97 a barrel on Friday. Brent is the most popular marker for crude oil trade and is used as a benchmark for two-thirds of the world’s internationally traded crude oil. This has translated to a rise in the price of petrol and diesel in the international market as well.
Responding to a query in Lok Sabha on Thursday, Petroleum Minister Hardeep Puri said that the Indian Basket of Crude oil (an assessment of the average price at which Indian refineries buy crude oil) has seen a rise of $17 a barrel from $71.32 a barrel on December 1, 2021 to $88.83 a barrel on January 27, 2021.
