The Indian basket of crude oil represents a derived basket comprising of sour grade (Oman & Dubai average) and sweet grade (Brent dated) of crude oil processed in Indian refineries in a ratio of 75.62: 24.38.
Two people aware of the developments said that irrespective of the quantity of Russian oil imports the crude basket price may not include their price as there is no benchmark price of the Russian crude variants.
The price of the Indian basket of crude oil is meant to largely represent the cost of the country's crude imports.
Given that discounted Russian supplies constitute a large part of the total imports, the actual cost of the imports would be lower than the price represented by the Indian basket.
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