India’s crude import price nears $100 a barrel amid global oil volatility

India’s average crude oil import price is nearing $100 a barrel as renewed turmoil in global oil markets pushes up the cost of the fuel the country relies on heavily. The Indian crude basket stood at $99.35 a barrel on Wednesday, according to the Petroleum Planning and Analysis Cell, and industry experts expected it to cross $100 by Friday.

The basket averages the grades imported by Indian refiners, including Brent, Oman and Dubai crude. India imports more than 88% of the oil it processes, leaving domestic fuel markets exposed to international price movements.

Global benchmarks also climbed as the US-Iran conflict escalated. Brent crude rose nearly 1% on Friday to settle at $96.28 a barrel, while West Texas Intermediate settled at $91.48, up 18 cents. Both benchmarks gained more than 9% during the week. Experts also cited declining US energy inventories and Ukrainian attacks on Russian refineries as factors lifting crude and petroleum product prices.

India’s average petrol benchmark reached a three-month high of $120.65 a barrel in September 2026, while the diesel benchmark reached a four-month high of $156.44 as of Sept. 3. Higher international prices could prompt state-run oil companies to seek approval to raise petrol and diesel prices, particularly as domestic demand increases.

Provisional PPAC data showed petrol consumption rose 7.9% year on year in August to 3,824 thousand metric tonnes, from 3,544 TMT. Diesel consumption rose 6.4%. State-run oil marketing companies control more than 90% of India’s 103,023 petrol pumps and have largely kept retail prices unchanged, leaving them squeezed between rising international costs and stronger demand.