Indians had not enjoyed the full benefit of the Global crude oil price crash in recent months. Crude Oil came down to $35/barrel from $120/barrel. The price of crude oil has become less than half of what it was 2 year ago but the price of Petrol in India didn't dive as dramatically as the Global Crude Oil price. The main reason for this is the hike in excise duty which Indian Govt increased many times in last few months.
Now the recent data shows that the Global Crude price is picking up, Now its traded above $40. As per the reports the Crude oil price had started moving up. This will lead to increase in Petrol and Diesel price in India. And as we all know Indian Governemnt is not going to roll back any extra excise duty which they had hiked in last few months. So the increased Excise duty will continue as it is and the price of Petrol and Diesel will move northward. So Indians get ready to Shell out more money on Petrol and Diesel.
Below is the Govt Press Release on crude oil price of Indian Basket today
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 40.60 per barrel (bbl) on 12.04.2016. This was higher than the price of US$ 38.95 per bbl on previous publishing day of 11.04.2016.
In rupee terms, the price of Indian Basket increased to Rs. 2699.63 per bbl on 12.04.2016 as compared to Rs 2585.73 per bbl on 11.04.2016. Rupee closed weaker at Rs 66.50 per US$ on 12.04.2016 as against Rs 66.39 per US$ on 11.04.2016. The table below gives details in this regard:
