New Delhi: The crude oil basket price of India is again surging. It has reached at $118.06 per barrel at an exchange rate of (Rs/$) of Rs 77.72. This was revealed by the data released by Petroleum Planning and Analysis Cell (PPAC).
Crude oil price was at $ 109.51 per barel in May and $ 102.97 in April. According to the PPAC’s report, the Indian crude oil basket prices averaged $ 84.67 per barrel in January, $ 94.07 in February and $ 112.87 in March.
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Earlier on May 21, the union government had reduced excise duty on petrol by Rs 8 per litre and by Rs 6 per litre on diesel. The duty was reduced to combat the rising inflation in the country.
With the Russia-Ukraine war going on for more than 100 days, the global crude oil prices are likely to surge and remain in and around the $110 and $120 per barrel range in the near future.
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