Indian basket crude oil price remained high as on MondayThe Indian crude oil basket price remained high at $106.03 per barrel on April 18, 2022, at an exchange rate of Rs 76.37 against the dollar, according to the Petroleum Planning and Analysis Cell report on Tuesday. While the price was steady from $106.03 per barrel for data on April 15, 2022, the rupee has weakened from Rs 76.22 per dollar exchange rate reported for Wednesday last week.Supply concerns have kept global crude prices high as the Russia-Ukraine war intensifies, and a surge in the dollar to a fresh two-year high has not helped importers.India depends on imports for about 85 per cent of its oil requirements, and a weakening currency adds more burden on importers.While the dollar was last changing hands over 101 against a basket of six most-traded currencies listed on the other side of the exchange rate, it dented global crude prices by nearly $1 per barrel.Still, global crude prices have held to above $100 for the most part since Russia’s invasion of Ukraine on February 22.The surge in Indian crude oil basket prices, coupled with a weakening rupee, suggests an upward pressure likely on domestic fuel rates in the coming days.For now, though, fuel rates have remained unchanged for the 13th consecutive day after state retailers hiked petrol and diesel prices in total by Rs 10, respectively. Hardeep Singh Puri, the petroleum minister, last week had asked states to cut VAT (value added tax) on petrol and diesel for giving relief to consumers.
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