NEW DELHI: India’s crude cost rose to $121.28 per barrel on Thursday, the highest since March 9, 2012 when it had hit $125.13. This has pushed the monthly average in June to $118.34 per barrel, a level last seen in April 2012 when the price averaged $118.64.
The decade-high crude cost will further shrink bottom line of state-run retailers as they keep pump prices frozen and squeeze the government’s fiscal headroom harder by adding inflationary pressure and jacking up subsidy and oil import bills, which impact macro-economic parameters.
