(HT)
The Indian basket of imported crude oils gained nearly $3.50 a barrel during last week even as petrol prices in the country touched their highest levels since Prime Minister Narendra Modi assumed office three years ago, official data showed on Monday.
The Indian basket, comprising 73% sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed trade on the weekend on Friday at $53.63 per barrel, according to the petroleum ministry. The oil basket had gained over a dollar at the start of last week on Monday to close at $51.34 for a barrel of 159 litres.
Meanwhile, under the daily revision of fuel prices, petrol in Mumbai on Monday cost Rs 79.41 a litre, breaching the level it last touched in August, 2014. Petrol price was hiked by 13 paise a litre and diesel by 25 paise per litre, applicable from 6 am on Monday. Petroleum products do not come under the Goods and Services Tax (GST) and prices vary at locations according to state taxes.
