The Brent Crude Oil is trading around $103 per barrel today after falling to below $100 per barrel on Tuesday for the first since late February 2022.
That comes on growing uncertainty in the global economy over the Ukraine crisis and disruption of trade and shipping services following sanctions on Russia; the Brent crude oil futures had jumped to around $139 per barrel on March 7, 2022, the highest in the last 14 years.
So, the price of Brent Crude Oil has fallen by more than 25.89 per cent in the last nine days as volatility in the international oil market continues.
According to the latest Petroleum Ministry data, crude oil (Indian Basket) was $110.30 per barrel on March 14, 2022, at an Exchange Rate (Rs/$) of 76.61.
The price of Brent Crude averaged $87.22/bbl during January 2022 as against $74.10/bbl during December 2021 and $54.84/bbl during January 2021.
The Indian basket crude price averaged $84.67/bbl during January 2022 against $73.30/bbl during December 2021 and $54.79 /bbl during January 2021.
Global Crude Oil Prices have risen from around $80 per barrel on November 4, 2021, to around $103 per barrel today – an increase of around 30 per cent – since the last revision in retail prices of Petrol and Diesel in India on November 4, 2021.
The last revision in retail prices of Petrol-Diesel in Delhi took place on December 1, 2021, when Delhi Government announced a sharp reduction in VAT.