NEW DELHI: Foreign minister S Jaishankar was not wrong when he said on Tuesday high oil prices are breaking India’s back. Despite cheap crude import from Russia, India’s crude oil basket has averaged above $100 a barrel so far this year. As per the Petroleum Planning and Analysis Cell, a body of the Petroleum ministry, India’s crude basket more than doubled in the past 3 years, taking crude prices from an average $45 per barrel in 2020-21 to $104 per barrel in 2022-23 (till September).
