Indian Basket (IB), also known asIndian Crude Basket, is weighted average ofDubai and Oman (sour) and theBrent Crude (sweet)crude oil prices. It is used as an indicator of the price of crude imports in India andGovernment of India watches the index when examining domestic price issues.[1]
The Indian basket of Crude Oil represents a derived basket comprising Sour grade (Oman and Dubai average) and Sweet grade (Brent Dated) of Crude oil processed in Indian refineries. During the year 2018-19, the ratio is 75.50 : 24.50 (Dubai : Brent respectively)[2] and during the year 2017-2018, the ratio was 74.77 : 25.23 (Dubai : Brent). The Indian Basket is weighted average of daily prices and is updated daily on the website of thePetroleum Planning and Analysis Cell of theMinistry of Petroleum and Natural Gas.[3]
| Year | Price | Comments |
|---|---|---|
| 2000-2001 | $26.92 | [4] |
| 2001-2002 | $22.55 | |
| 2002-2003 | $26.60 | |
| 2003-2004 | $27.98 | |
| 2004-2005 | $39.21 | |
| 2005-2006 | $55.72 | |
| 2006-2007 | $62.46 | |
| 2007-2008 | $79.25 | |
| 2008-2009 | $83.57 | |
| 2009-2010 | $69.76 | |
| 2010-2011 | $85.09 | |
| 2011-2012 | $111.89 | |
| 2012-2013 | $107.97 | |
| 2013-2014 | $105.52 | |
| 2014-2015 | $84.16 | |
| 2015-2016 | $46.17 | |
| 2016-2017 | $47.56 | |
| 2017-2018 | $56.43 | |
| 2018-2019 | $69.88 | |
| 2019-2020 | $60.47 | |
| 2020-2021 | $48.94 | (Dec 2020 only) |
