Industry Odisha Bureau, April 23: Despite the ceasefire extension sans any deadline effected by the Trump regime, there is no let up to the Iran-imposed Hormuz hurdle since February 28 this year followed by US-clamped naval blockade of late in the Persian Gulf has further aggravated the price rise graph of crude oil globally.
Such a precarious situation has reportedly put India at stake so far the supply chain and inflation are concerned.
Authorised Indian oil refineries import the well-known Indian basket of crude oil that is a mixture of Sweet Grade (Brent Dated) and Sour Grade (Oman and Dubai Average).
Media updates on the crude oil prices revealed: “The June contract of Brent on the Intercontinental Exchange traded at $102.40 per barrel, up 0.48% from its previous close. The May contract of West Texas Intermediate on the NYMEX rose 0.59% to $93.51 a barrel.”
Economists viewed that “a modest rise in crude oil prices has a cascading effect on India as it is enough to inflate the country’s import bill as well as strain its economy”.
Elucidating their views, the experts explained:“Even a $1 per barrel increase in the crude oil price if lingers a year, India has to shoulder the annual import bill burden to a tune of Rs 16,000 crore”.
Reports said that, “The Indian basket price of crude oil amounted $102.46 per barrel as of April 21, while its average price in April so far is $115.8 per barrel”.
