"Indian Crude Oil Price Remains High," Say Petroleum Ministry Sources, Despite Recent Softening

"Indian crude oil prices still remain high", Petroleum Ministry sources informed NDTV on Wednesday, at the same time as crude oil prices have softened up in current days.Since Russia invaded Ukraine on February 24, world crude costs have jumped, with the worldwide benchmark Brent futures hitting a multi-decade excessive of almost $140 a barrel final month. While crude prices have eased from these highs in current weeks, oil costs have remained above $100 per barrel since Moscow attacked Ukraine.As per the Petroleum Planning and Analysis Cell's report, the Indian crude oil basket worth averaged $84.67 per barrel in January, $94.07 in February, and $112.87 a barrel in March.According to the newest report launched on Tuesday, the Indian crude oil basket costs have softened to 103.48 per barrel at an trade fee of 75.76 per greenback on April 4."The price of crude oil in the international market remains high, with the Indian crude oil basket still hovering around $104 per barrel today," mentioned Petroleum Ministry Sources when requested concerning the current softening."It used to be around $70 to $80 per barrel some months ago," added the sources.India's oil retailers have continued to lift pump costs on elevated world crude costs, sparking inflation worries.Indeed, gas costs had been hiked once more on Wednesday for the fourteenth time in 16 days. Fuel charges had been held regular for over 4 months regardless of the spike in crude oil costs within the run-up to the meeting elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur. The fee revision had began once more on March 22. Petrol and diesel costs have gone up by Rs 10 per litre, respectively, after 14 fee revisions.