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.
Denne historien er fra July 17, 2022-utgaven av The Times of India Mumbai.
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Denne historien er fra July 17, 2022-utgaven av The Times of India Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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