Crude Oil Reached $ 121.28 per Barrel in 10 Years

The price of crude oil is increasing continuously. Its price has risen to a 10-year high. Even after this, the prices of petrol and diesel in the country remain stable. According to Petroleum Planning & Analyst Cell, the price of crude oil purchased by India rose to $ 121.28 per barrel on June 9. This is the highest level in a decade after February and March 2021.

Indian Standard Crude oil averaged $ 111.86 per barrel between February 25, 2022 and March 29, immediately after the Russia-Ukraine war. On the other hand, due to strong demand from major customers like USA, crude oil in the global market reached a 13-week high on Thursday. In the global market, the futures price of Brent crude for August had declined by $ 0.81 to $ 122.26 per barrel. US standard crude oil prices for July declined by $ 0.79 to $ 120.72.

The retail prices in the country are stable despite the volatility in crude oil prices. Indian Oil, Bharat Petroleum, and Hindustan Petroleum are keeping the prices of fuel sold at petrol pumps below the cost from November 2021. It is worth noting that India imports 85 percent of its total crude oil needs.