How the surge in oil prices affects India’s finances

How the surge in oil prices affects India’s finances

The cost of the Indian basket of crude, which averaged $47.56 and $56.43 per barrel in FY17 and FY18, respectively, rose to an average of $69.30 in April 2018, according to data from the Petroleum Planning and Analysis Cell (PPAC). The price was $71.39 a barrel on 30 April. The Indian basket represents the average of Oman, Dubai and Brent crude.