Indian crude oil basket price was $97.82 per barrel on April 11, 2022, at an exchange rate of 75.96 per dollar, according to the latest report, which suggests over a 5 per cent decline since April 1 and a more than 13 per cent fall compared to March’s average.
That fall in prices comes as a relief for a country that imports about 85 per cent of its oil needs and even as the currency has weakened.
Indeed, the latest Petroleum Ministry’s Petroleum Planning and Analysis Cell’s report released on Tuesday showed the Indian crude basket prices had softened to $97.82 per barrel at an exchange rate of 75.96 against the dollar as of April 11, compared to $98.68 per barrel yesterday, at an exchange rate of 75.78 per dollar.
The average cost in April last year was about $63 per dollar.
According to the Petroleum Planning and Analysis Cell’s report, the Indian crude oil basket prices averaged $84.67 per barrel in January, $94.07 in February, and $112.87 in March.
But in April, so far, the data reflects a softening trend, despite the currency depreciating against the dollar.
Indeed, the Indian crude basket price was $103.02 per barrel on April 1, 2022, at an exchange rate of (Rs/$) 75.81, reflecting a more than 4 per cent fall since then as of April 8.
And when compared to the average price of Indian crude in March 2022, the prices are down by 13.33 per cent as of April 11.
Since Russia invaded Ukraine on February 24, global crude prices have jumped, with the international benchmark Brent futures hitting a multi-decade high of nearly $140 a barrel last month.
While crude costs have eased from those highs, with benchmark futures contracts falling for a second straight week, International oil prices have mostly remained above $100 per barrel since Moscow attacked Ukraine.
Crude futures have see-sawed in recent weeks, with the most volatility since June 2020.
Indeed, international benchmark futures fell and settled around 4 per cent lower on Monday. Still, they rose on Tuesday with Brent oil prices 3 per cent higher and back up above $100 on Tuesday, after briefly languishing below that level in the previous session.