Indian Crude Oil Basket Hits 10-Year High Of $121 Per Barrel

The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel remain unchanged

The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen.

The Indian basket on June 9 touched $121.28, matching levels seen in February and March 2012, according to data available from the oil ministry's Petroleum Planning and Analysis Cell (PPAC).

As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 - the immediate period after Russia's invasion of Ukraine sent oil on fire.

It averaged $103.44 a barrel between March 30 and April 27.