October 2, 2026: The average price of crude oil that Indian refiners imported in September was the highest since the US-Iran war began in end February this year. According to database of Petroleum Planning & Analysis Cell (PPAC), an arm of the petroleum ministry, the average price of Indian crude oil imports stood at $116.04 in September. This is the highest monthly average that has been recorded since conflict began in West Asia.

Basket touched $120/barrel

In the last week of September, the average price that Indian refiners paid jumped past the psychologically crucial $120 a barrel. “Crude Oil Indian Basket as on 25.09.2026 is $120.86/bbl,” said PPAC. However, it crawled down to $116.52/bbl as on September 29.

According to the petroleum ministry wing, the Indian basket of Crude Oil represents a derived basket comprising of Sweet grade (Brent Dated) and Sour grade (Oman & Dubai average) of Crude oil imported by Indian refineries during each month.

(Source: News Nine)