The Indian crude oil basket price rose to $107.92 per barrel on April 19, 2022, at an exchange rate of Rs 76.28 against the dollar, compared to $106.03 per barrel on April 18, 2022, at an exchange rate (Rs/$) of Rs 76.37, data showed on Wednesday.
According to the Petroleum Planning and Analysis Cell report, the price of Indian crude was $97.82 per barrel on April 11, 2022, at an exchange rate of (Rs/$) 75.96, indicating a $10.10 per barrel, or 10.32 per cent, rise between April 11 and April 19, 2022.
While the latest price is below the March average of $112.87, it has surged past the $103.02 per barrel on April 1 and well above the average cost in April last year of about $63 per dollar.
That price rise between April 11 and 19 suggests an upward pressure likely on domestic fuel rates.
Indeed, retailers held petrol and diesel prices steady for the 14th straight day on Wednesday after hiking fuel rates cumulatively by Rs 10 since March 22, when they restarted revision of prices after a nearly four-month hiatus.
Last week, Hardeep Singh Puri, the petroleum minister, urged states to cut VAT on petrol and diesel for giving relief to consumers.
But the latest surge in Indian crude oil basket price suggests a hike in pump prices is coming soon.