Indian crude oil basket price was $98.68 per barrel on April 08, 2022, at an exchange rate of 75.78 per dollar, according to the Petroleum Ministry's Petroleum Planning and Analysis Cell's latest report, which suggests a 4 per cent decline since April 1 and a near 13 per cent fall compared to March's average.
That comes as a relief for a country that imports about 85 per cent of its oil needs.
The latest report released on Monday showed the Indian crude basket prices had softened to $98.68 per barrel at an exchange rate of 75.78 against the dollar as of April 8.
A year ago, the average cost was about $63 per dollar.
According to the Petroleum Planning and Analysis Cell's report, the Indian crude oil basket prices averaged $84.67 per barrel in January, $94.07 in February, and $112.87 in March.
But in April, so far, the data reflects a softening trend.
Indeed, the Indian crude basket price was $103.02 per barrel on April 1, 2022, at an exchange rate of (Rs/$) 75.81, reflecting a more than 4 per cent fall since then as of April 8.
And when compared to the average price of Indian crude in March 2022, the prices are down by 12.57 per cent.
Since Russia invaded Ukraine on February 24, global crude prices have jumped, with the international benchmark Brent futures hitting a multi-decade high of nearly $140 a barrel last month.
While crude costs have eased from those highs, with benchmark futures contracts falling for a second straight week, International oil prices have remained above $100 per barrel since Moscow attacked Ukraine.
But International benchmark futures started on a feeble note following the second straight weekly decline, pressured by China lockdowns and a surplus boost.
Crude markets started the week on a feeble note following the second straight weekly decline, pressured by China lockdowns and weighed by a surplus boost after announced plans to release a record volume of crude and oil products from strategic stocks.
Early on Monday, the benchmark Brent crude fell over $2 to $100.40 a barrel and US crude lost over 2.5 per cent to $95.82. Last week, Brent had dropped 1.5 per cent, and US West Texas Intermediate slid 1 per cent.
While for several weeks, benchmark crude futures have gone through wild gyrations, the most since June 2020, global oil markets were down for the second straight week.