The basket of crude oil that India buys has risen to a decade high of USD121 a barrel, while retail petrol and diesel prices have remained unchanged. According to data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC), the Indian basket reached USD121.28 on June 9, matching levels seen in February and March 2012. 

The Indian basket of crude oil averaged USD111.86 per barrel between February 25 and March 29, according to the PPAC, in the wake of  Russia's invasion of Ukraine, which set oil on fire. Between March 30 and April 27, it averaged USD103.44 per barrel.

On Thursday, international oil prices remained near a 13-week high, supported by strong demand from important consumers like as the United States. On Friday, though, they gave up some of their gains, with Brent crude futures for August falling 81 cents to USD122.26 a barrel. The price of US West Texas Intermediate crude for July was USD120.72, down 79 cents. In India, however, retail petroleum prices are still frozen. 

State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are mandated to change petrol and diesel prices daily in line with cost, but they have been reducing pump rates since November 2021.

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Crude oil reaches above $120, know what is the price of petrol and diesel?