India's Crude Oil Basket Hits $137/bbl, Squeezing OMC Margins Amid Unchanged Retail Prices

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India's Crude Basket Hits $137/bbl, Straining OMCs Amid Unchanged Retail Prices

India’s crude oil basket price jumps to $137/bbl, strains OMCs marketing margins as retail price remains unchanged

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Moneycontrol•17-03-2026, 14:16

India's Crude Basket Hits $137/bbl, Straining OMCs Amid Unchanged Retail Prices

•India's crude oil basket price reached $137/bbl, a 93% increase since February 28 due to West Asia conflict, impacting OMC margins.
•Indian refiners face negative marketing margins as retail fuel prices remain unchanged despite soaring crude costs.
•Government officials stated petrol and diesel prices are unlikely to rise to safeguard consumers.
•Indian refiners are aggressively buying Russian Urals, with 20 million barrels already in India and 25-30 million more expected.
•Sustained high crude prices (above $85/bbl) could lead to significant losses for OMCs and impact government tax collections.

Read Full Article on Moneycontrol in English

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