By Admin 
Crude oil prices: There is a major decline in crude oil prices amidst business tension in the international market. In the month of April, the average price of Indian baskets has reached a low of four years i.e. 47 months low. In April, the price of crude oil came to Rs 68.34, which was Rs 72.47 in the month of March, ie there is a decrease of about 5.6 percent. According to data from Petroleum and Analysis Cell (PPAC), this is the biggest decline since May 2021.
PPAC officials believe that the price of baskets will continue to be reduced at the moment. This has happened after the announcement of tariff from America, when the price of crude oil fell. On Sunday, Brent crude futures rose over by the previous week and stood at $ 67.96 per barrel.
The Standing Committee of Parliament on Petroleum emphasized the needs of importing various grade of crude oil in the broad range last year, which reduced the cost of Indian crude baskets. The reason for the price of Indian basket is high is the levy on the Asian premium. It increases the crude oil of West Asia.
The current data shows that in the financial year 2025, the amount of import of the country’s crude oil has been 4.2 percent i.e. 24.24 million tonnes, which is more than 23.23 million tonnes of financial year 2024. Significantly, since the commencement of Ukraine war, India has imported a large amount of oil from Russia and is still doing, Russia became the largest supplier in India in May 2023 and around 19.6 lakh barrels were imported daily.
Indian baskets of crude oil are used as an indicator of the price of crude oil in India. The Government of India keeps an eye on this index while making any decision on domestic prices.
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