MUMBAI: India's crude basket has begun 'overflowing.' On Tuesday, it crossed $100 a barrel mark, pushing up the under recoveries on fuel sale.
Petroleum Ministry officials said the price of basket of crude oil imports surged to $100.17 a barrel on Monday, the highest ever.
With the spike in oil prices, the losses of public sector oil companies on sale of petrol, diesel, kerosene and LPG have touched Rs 360 crore a day. The Indian basket of crude oil has averaged $98.46 a barrel in March, against February average of $92.37 a barrel. The current year average at $77.98 a barrel is a significant jump over $62.46 a barrel average in 2006-07.
In international markets, crude oil prices rose to an all-time high of over $108 a barrel due to a weakening dollar, which fell against major currencies.
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