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The average price of crude oil from the Indian basket was approximately 70 U.S. dollars per barrel in financial year 2019. The average price of crude oil went up marginally around fiscal year 2012, touching almost 112 dollars per barrel. Crude oil price rise and market volatility have become a matter of concern for the international markets together since the sharp inflation in 2004.

Crude oil pricing of Indian basket* from financial year 2009 to 2019, with an estimate for 2020 (in U.S. dollars per barrel)

CharacteristicPrice in U.S. dollars per barrel
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Survey time period

FY 2009 to FY 2019

Supplementary notes

*Indian Basket is the weighted average of sweet and sour crude oils from Dubai, Oman and Brent processed in the Indian refineries.

**Till December 2019.
Indias financial year begins in April and ends in March. For example, FY 2018 started in April 2017 and ended in March 2018.

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