Indian oil basket at another high

 Price have also risen after data showed there was a decline in crude oil and fuel stocks in the US.

 US light sweet crude oil on the New York Merchantile Exchange was trading at $115.54 per barrel on Thursday, touching record highs on three consecutive trading days.

 The price of India's crude oil basket, which comprises of Oman-Dubai sour (high sulphur) grade crude oil and Brent dated sweet (low sulphur) crude oil in a 61.4:38.6 ratio, has averaged $102.15 a barrel so far this month as against $99.76 per barrel in March and $92.37 per barrel in February.

 The high oil prices have resulted in the country's oil marketing companies losing over Rs 77,300 crore in 2007-08 as they sell petrol, diesel, LPG and kerosene at subsidised prices. At current crude oil prices, the revenue loss of these companies is expected to go up to around Rs 150,000 crore in 2008-09.