On June 9, India bought crude oil as a source of fuel for 121 US dollars (approximately Rs. 9,075) a barrel. This is the highest purchase price in decades.
About 85% of India’s total crude oil is imported. International crude oil prices have skyrocketed due to Russia’s war on Ukraine. The price of crude oil has been hovering above $ 100 a barrel for the past 3 months.
Although the Organization of the Petroleum Exporting Countries (OPEC Plus) has said it intends to increase crude oil production and reduce prices, it has not yet materialized. In this context, India imported crude oil at $ 121.28 a barrel last Thursday.
This is the highest level in crude oil purchases in the last 10 years. India last purchased crude oil at a similar price in February and March 2012.
From February 25 to March 29, India bought crude oil at an average price of 111.86 US dollars per barrel. The average price per barrel from March 30th to April 27th was $ 103.44.
No change in fuel prices
Petrol and diesel prices in the country have not changed, though the purchase price of crude oil has touched a record high. As on Friday, petrol price in Delhi was Rs 96.72 per liter and diesel Rs 89.62 per liter.
Petrol and diesel prices have continued to rise after the impact of five states, including Uttar Pradesh. Subsequently, the central government announced a reduction in excise duty on petrol and diesel by Rs 8 and Rs 6, respectively. According to reports, petrol companies are losing Rs 18 per liter on petrol and Rs 21 per liter on diesel due to the current price hike.