NEW DELHI : With the global crude oil prices on a downward spiral in the backdrop of coronavirus outbreak, analysts are expecting a perfect storm in the energy markets that will help major consumers such as India manage inflationary and fiscal pressures.
International benchmark Brent crude oil prices dropped with it trading at $52.18 per barrel. Crude prices hit a record $147 per barrel in July 2008.
The cost of the Indian basket of crude, which averaged $56.43 and $69.88 per barrel in FY18 and FY19, respectively, averaged $65.52 in December 2019, according to data from the Petroleum Planning and Analysis Cell. The price was $51.16 a barrel on 27 February. The Indian basket represents the average of Oman, Dubai and Brent crude.
