"Indian Crude Oil Price Remains High," Say Petroleum Ministry Sources, Despite Recent Softening

"Indian crude oil prices still remain high", Petroleum Ministry sources told NDTV on Wednesday, even as crude oil costs have softened up in recent days.

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 in recent weeks, oil prices have remained above $100 per barrel since Moscow attacked Ukraine.

As per the Petroleum Planning and Analysis Cell's report, the Indian crude oil basket price averaged $84.67 per barrel in January, $94.07 in February, and $112.87 a barrel in March.

According to the latest report released on Tuesday, the Indian crude oil basket prices have softened to 103.48 per barrel at an exchange rate of 75.76 per dollar on April 4.

"The price of crude oil in the international market remains high, with the Indian crude oil basket still hovering around $104 per barrel today," said Petroleum Ministry Sources when asked about the recent softening.

"It used to be around $70 to $80 per barrel some months ago," added the sources.

India's oil retailers have continued to raise pump prices on elevated global crude prices, sparking inflation worries.

Indeed, fuel prices were hiked again on Wednesday for the fourteenth time in 16 days. Fuel rates were held steady for over four months despite the spike in crude oil prices in the run-up to the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur. 

The rate revision had started again on March 22. Petrol and diesel prices have gone up by Rs 10 per litre, respectively, after 14 rate revisions.