New Delhi: India's crude cost has slipped below $100 per barrel for the first time since April in step with this week's fall in benchmark rates. While it may appear to be a silver lining for the rupee, an immediate cut in fuel prices is unlikely as the Indian currency's record fall and a freeze on pump rates still keep retailers in the red.
Government data shows the Indian Basket, or the mix of crude bought by Indian refiners, falling to $99.76 per barrel on July 14. The basket was last seen below $100 on April 25 when it stood at $99.17 a barrel. The fall comes in the wake of global prices dropping 5.5% over the week as recession fears overshadowed demand-supply mismatch concerns. But market remains volatile, with benchmark Brent bouncing back above $100 on Friday as hopes of an early production increase by Saudi Arabia and UAE receded.
Esta historia es de la edición July 17, 2022 de The Times of India Mumbai.
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Esta historia es de la edición July 17, 2022 de The Times of India Mumbai.
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