Crude import price falls to 42-month low

India's average crude oil import price fell to a 42-month low of $71.20 a barrel in the first fortnight of March owing to the Chinese slowdown, international efforts for a ceasefire in the Ukraine war, and US president Donald Trump's resolve to boost American oil output.

- Rajeev Jayaswal

But it's not a given that domestic retail prices will come down.

India, which imports over 88% of the crude oil it processes, had last witnessed an average monthly oil import price of the Indian basket below $70 a barrel in August 2021. Since then, the monthly average has risen due to various geopolitical and economic reasons aggravated by the Russia-Ukraine war in early 2022, followed by the Hamas attack on Israel in October 2023.