Crude Oil Prices Nearly Double to $116 Amid West Asia Crisis, But India’s Fuel Supply and Prices Remain Stable: Government

Crude oil prices have nearly doubled amid the ongoing West Asia crisis, rising from around $63 per barrel in January to an average of $116 per barrel in April, even as domestic fuel supply remains stable, a senior government official said on Tuesday.

“If you see, in January, our Indian crude basket was around $63 per barrel. Which increased to $113 per barrel in March and in April, the average is around $116 per barrel,” said Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), Ministry of Petroleum and Natural Gas, during an inter-ministerial briefing.