The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen.
The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012, according to data available from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).
As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 – the immediate period after Russia’s invasion of Ukraine sent oil on fire.
It averaged $103.44 a barrel between March 30 and April 27.
International oil prices held near a 13-week high on Thursday, underpinned by robust demand from key buyers like the US.
