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Indian crude oil basket at peak

Our Bureau

NEW DELHI: The price of the Indian crude oil basket touched an all-time high on Thursday. The price was at its peak at $56.62 a barrel, up from $56.56 on Wednesday, according to the data from the Ministry of Petroleum and Natural Gas.

A senior Petroleum Ministry official said the basket price was higher as there was an increase in the prices of Oman and Dubai crude oil.

The Indian crude oil basket comprises Oman-Dubai sour grade and Brent dated sweet crude in a 57:43 ratio. The average price of the Indian basket for the current financial year was $50.31 a barrel until Thursday. The average price in July until Thursday stood at $55.62 a barrel compared with $36.35 a barrel in July last year. In 2004-05 (April-March), the average price of the Indian basket was $39.21 a barrel.

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