Refiners say stocked sufficiently; crude oil import cost hits record
New Delhi, March 23 -- Indian refiners are sufficiently stocked, and both public and private fuel retailers are holding pump prices of regular petrol and diesel even as the country's daily average import cost jumped 120% to record $156.29 a barrel since the start of the war in West Asia, government officials and company executives said on Sunday.
The average price of crude oil purchase (called Indian basket) that was $71.17 per barrel just before the war broke on February 28, crossed $100 mark to settle at $120.28 a barrel on March 9, and started climbing thereafter to cross $140 by March 16 and crossed 150-mark to settle at $156.29 a barrel on March 19, according to the latest available government data.
The Indian basket of crude surging to $156.29 a barrel has been a new record that surpassed even benchmark Brent crude, which stood at $108.65 a barrel on March 19. To be sure, Indian basket is often few notches below Brent in past. Even last time, when Indian basket saw a peak at around $142 per barrel on July 3, 2008, it was about $4 below the Brent which was around $146 a barrel.
Oil ministry's data-keeper Petroleum Planning and Analysis Cell did not respond to a specific email query, asking the reason for Indian basket of crude prices surging above the Brent.htc...
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