The price of the Indian crude oil basket was $ 97.82 per barrel on April 11, 2022, at an exchange rate of $ 75.96 per dollar, according to the latest report, which suggests more than 5 percent decline since April 1 and a fall of more then 13 percent compared to March’s average.
That fall in prices comes as a relief to a country that imports about 85 percent of its oil needs and even when the currency has weakened.
Indeed, the latest report from the Petroleum Planning and Analysis Cell’s Petroleum Planning and Analysis Cell, published on Tuesday, showed that Indian crude basket prices had softened to $ 97.82 per barrel at an exchange rate of 75.96 against the dollars on April 11, compared to $ 98.68 per barrel yesterday, at an exchange rate of 75.78 US dollars.
The average cost in April last year was about $ 63 per dollar.
According to the Petroleum Planning and Analysis Cell report, Indian crude oil prices averaged $ 84.67 per barrel in January, $ 94.07 in February, and $ 112.87 in March.
But in April, so far, the data reflects a softening trend, despite the currency depreciating against the dollar.
Indeed, the Indian crude basket price was $ 103.02 per barrel on April 1, 2022, at an exchange rate of (Rs / $) 75.81, reflecting a more than 4 percent fall since then of April 8th.
And compared to the average price of Indian crude in March 2022, prices are down by 13.33 percent as of April 11th.
Since Russia invaded Ukraine on February 24, global crude prices have jumped, with international benchmark Brent futures reaching a multi-decade high of nearly $ 140 a barrel last month.
While crude costs have fallen from those heights, with benchmark futures contracts falling for a second straight week, international oil prices have typically remained above $ 100 per barrel since Moscow Ukraine attacked.
Crude futures have seen the last few weeks, with the most volatility since June 2020.
Indeed, international benchmark futures fell and sat about 4 percent lower on Monday. However, they rose 3 percent higher on Tuesday with Brent oil prices and back above $ 100 on Tuesday, after being just below that level in the previous session.