Indian crude oil basket price breaches $60/bl

 The price of the Indian basket of crude rose to $60.70 on Friday -- the latest day for which data is available. The Indian basket comprises Oman-Dubai sour grade crude and Brent dated sweet crude in the ratio of 58:42. The basket has averaged $59.36 a barrel in March so far.

 In February, the Indian basket had averaged $56.53 per barrel when compared with $52.53 in January. The basket had hit a low of $49 a barrel on January 18 this year.

 In London, the price of Brent crude for May delivery rose 75 cents to $63.93 a barrel, the highest since early December last year.

 Rising crude oil prices mean tough days ahead for retailers of petroleum products. Indian Oil Corporation (IOC) lost Rs 4 per litre of petrol and Rs 2.60 per litre of diesel sold in the retail market in the fortnight ended March 15. In the fortnight ended February 28, the company had lost Rs 1.24 per litre of petrol and Rs 1.52 a litre of diesel.

 The high international crude oil prices in the first fortnight of March has negated the 2% excise duty cut on petrol and diesel announced by Finance Minister P Chidambaram in the Budget on February 28.