According to the data available from the Petroleum Planning and Analysis Cell of the Ministry of Oil, the price of oil reached 1 121.28 on June 9. This was first seen in February and March 2012. According to PPAC, the average Indian basket of crude oil between February 25 and March 29 was 11 111.86 a barrel. Oil prices have risen sharply in the wake of Russia's invasion of Ukraine.
Between March 30 and April 27, the average price of crude oil was 10 103.44 a barrel. International oil prices hit a 13-week high on Thursday on strong demand from major buyers such as the United States. Brent crude for August delivery was down 81 cents at 2 122.26 a barrel. US West Texas Intermediate crude for July fell 79 cents to 120 120.72 a barrel. However, retail fuel prices are stable in India.
State-owned retailers Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited have to adjust daily petrol and diesel prices accordingly. But it has been moderating prices on pumps since November 2021. India is 85 per cent dependent on imports to meet its oil needs and therefore domestic pump prices are benchmarked against international prices.
According to sources, domestic pump prices are benchmarked at around US 85 85 per barrel. But oil companies have not changed rates. The industry is selling petrol at a loss of Rs 18 per liter and diesel at a loss of Rs 21 per liter, sources said. Last month, the government reduced excise duty on petrol by Rs 8 per liter and diesel by Rs 6 per liter.
State-owned oil companies have continued retail sales despite losses, while private sector vendors such as Reliance, BP and Naira Energy have reduced operations to reduce losses.
