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This is an archive article published on March 11, 2008

Indian crude oil basket at record 100.17/bl

Price of basket of crude oil imports surged to a record high with losses incurred by oil companies touching Rs 360 cr/day.

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The Indian basket of crude oil has crossed USD 100 a barrel mark, pushing up the under recoveries on fuel sale.

The price of basket of crude oil imports surged to USD 100.17 a barrel on Monday, the highest ever, official sources said.

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 USD 98.46 a barrel in March, against February average of USD 92.37 a barrel.

The current year average at USD 77.98 a barrel is a significant jump over USD 62.46 a barrel average in 2006-07.

In international markets, crude oil prices rose to an all-time high of over USD 108 a barrel due to a weakening dollar, which fell the most against major currencies on Monday.

 

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