The average cost of crude oil imported by India has climbed to approximately $100 per barrel, reaching a three-month peak due to heightened global market instability. Data from the Petroleum Planning and Analysis Cell indicates that the Indian crude basket reached $99.35, driven by geopolitical tensions between the United States and Iran, alongside reduced US energy stocks and disruptions to Russian refinery operations. While domestic demand for petrol and diesel continues to grow, state-run oil marketing companies have kept retail prices stable despite the rising international benchmarks. Industry analysts suggest that if global prices maintain this upward trajectory, these companies may eventually request government authorization to adjust pump prices to offset the financial pressure caused by the disparity between rising import costs and controlled retail rates.
Source : Hindustan Times
Photo : Hindustan Times
