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India crude import basket nears $100
Hindustan Times··7 Sept
India's average crude oil import price has reached nearly $100 per barrel, its highest in three months, Hindustan Times reported. In New Delhi petrol sold at Rs 102.12 a litre and diesel at Rs 95.20. Mumbai petrol was Rs 111.21 and diesel Rs 97.83. State-run oil marketers, which control over 90 percent of pumps, have kept retail prices largely unchanged.
Prism
What It Means For You
- Pump prices still vary by city because of state taxes and freight charges.
- Bengaluru petrol was listed at Rs 110.82 a litre and diesel at Rs 98.77.
- Chandigarh had lower listed rates of Rs 101.54 for petrol and Rs 89.47 for diesel.
What's Happening
- Brent crude futures rose as West Asian conflicts and US-Iran clashes intensified.
- OPEC members decided to maintain production quotas for October.
- India imports more than 88 percent of its crude oil.
Demand Behind The Squeeze
- Domestic petrol consumption grew 7.9 percent in August to 3,824 thousand metric tonnes.
- Public-sector retailers control over 90 percent of the country's petrol pumps.
- Industry experts said those retailers face difficulty matching international benchmarks.
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