Indian Basket

Indian Basket (IB), also known as Indian Crude Basket, is weighted average of Dubai and Oman (sour) and the Brent Crude (sweet) crude oil prices. It is used as an indicator of the price of crude imports in India and Government of India watches the index when examining domestic price issues.[1]

Not to be confused with Basket weaving § Native American Basketry.
Indian Basket price vs Brent and Dubai (Apr 2000 to Apr 2020).

Methodology for calculation

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 the Petroleum Planning and Analysis Cell of the Ministry of Petroleum and Natural Gas.[3]

Indian Basket prices
YearPriceComments
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)

[5] [6]

See also

References
  1. "What is Indian Crude Basket?". indianeconomy.net. Retrieved 19 August 2017.
  2. "The Indian Basket of Crude oil". Blog.Parivarthanias.com. Retrieved 15 May 2020.
  3. "Historic prices". Ministry of Petroleum and Natural Gas. Retrieved 19 August 2017.
  4. "Yearly prices". www.indiaenergy.gov.in. Retrieved 3 February 2019.
  5. "Crude Oil Price". ppac.gov.in.
  6. "Prices:Petroleum Planning & Analysis Cell".
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