The average price of Indian basket crude oil was estimated to reach 97.67 U.S. dollars per barrel in the financial year 2023. While Indian basket crude oil prices have fluctuated during the reported period, this figure significantly increased from the previous year’s average of 78.19 U.S. dollars. The average price of crude oil went up marginally around the financial year 2012, touching almost 112 U.S. dollars per barrel.

Recent trends in the Indian oil industry

The last several years have seen a slight but steady increase in Indian crude oil refinery capacity. However, the annual domestic crude oil production volume has consistently decreased. Not surprisingly, the volume of crude oil imports had recently been on the rise for several years.

The future of the Indian energy sector

As the third-largest primary energy consumer globally, India relies on various sources to meet its energy demands. At the same time, a significant increase in primary energy consumption across various sources is projected for the coming decades, with renewables playing a vital role in the Indian energy transition.

Crude Oil decreased 2.12 USD/BBL or 2.95% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on March of 2025.

As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

Brent decreased 0.64 USD/BBL or 0.85% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on March of 2025.

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

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The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

Palm Oil decreased 155 MYR/MT or 3.49% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on March of 2025.

The price of rice bran oil in the United States for Q4 2023 reached 5456 USD/MT in December. The price trend for rice bran oil in India reached 1815 USD/MT in December 2023. Whereas, in Germany, rice bran oil prices reached 2369 USD/MT.

NCDEX: Spot Price: Crude Palm Oil: Kakinada: First Session data was reported at 1,270.000 INR/10 kg in 26 Mar 2025. This records an increase from the previous number of 1,267.500 INR/10 kg for 25 Mar 2025. NCDEX: Spot Price: Crude Palm Oil: Kakinada: First Session data is updated daily, averaging 907.500 INR/10 kg from Jan 2024 (Median) to 26 Mar 2025, with 299 observations. The data reached an all-time high of 1,320.000 INR/10 kg in 11 Nov 2024 and a record low of 767.500 INR/10 kg in 04 Jan 2024. NCDEX: Spot Price: Crude Palm Oil: Kakinada: First Session data remains active status in CEIC and is reported by National Commodity & Derivatives Exchange Limited. The data is categorized under India Premium Database’s Price – Table IN.PB001: Commodities Spot Price: National Commodity & Derivatives Exchange Limited.

During the last quarter of 2024, the mustard oil prices in India reached 1517 USD/MT in December. As per the mustard oil price chart, demand during the holiday season and winter stockpiling caused price fluctuations in India's mustard oil market. Strong price increases in October were fueled by favorable harvest conditions and seasonal consumption.

Explore IMARC’s newly published report, titled “Mustard Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of mustard oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

The Indian crude palm oil market was finally on the rise to reach $6.5B in 2024, after two years of decline. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $7.4B. From 2022 to 2024, the growth of the market remained at a somewhat lower figure.

Naphtha decreased 1.76 USD/T or 0.29% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Naphtha - values, historical data, forecasts and news - updated on March of 2025.

Crude Oil Price: Average International FOB: Indian Basket: USD data was reported at 59.620 USD/Barrel in 12 Dec 2018. This records an increase from the previous number of 58.780 USD/Barrel for 11 Dec 2018. Crude Oil Price: Average International FOB: Indian Basket: USD data is updated daily, averaging 66.590 USD/Barrel from Jan 2012 (Median) to 12 Dec 2018, with 1688 observations. The data reached an all-time high of 125.440 USD/Barrel in 13 Mar 2012 and a record low of 24.030 USD/Barrel in 20 Jan 2016. Crude Oil Price: Average International FOB: Indian Basket: USD data remains active status in CEIC and is reported by Ministry of Petroleum and Natural Gas. The data is categorized under India Premium Database’s Energy Sector – Table IN.RBJ001: Crude Oil Price: Average International FOB.

NCDEX: Spot Price: Crude Palm Oil: Kandla: Second Session data was reported at 1,281.250 INR/10 kg in 25 Mar 2025. This records a decrease from the previous number of 1,288.600 INR/10 kg for 24 Mar 2025. NCDEX: Spot Price: Crude Palm Oil: Kandla: Second Session data is updated daily, averaging 873.100 INR/10 kg from Jan 2023 (Median) to 25 Mar 2025, with 541 observations. The data reached an all-time high of 1,347.650 INR/10 kg in 06 Dec 2024 and a record low of 756.050 INR/10 kg in 22 Sep 2023. NCDEX: Spot Price: Crude Palm Oil: Kandla: Second Session data remains active status in CEIC and is reported by National Commodity & Derivatives Exchange Limited. The data is categorized under India Premium Database’s Price – Table IN.PB001: Commodities Spot Price: National Commodity & Derivatives Exchange Limited.

Explore the complexities of petcoke pricing in India influenced by global crude oil prices, domestic demand, environmental policies, and international market dynamics. Discover how factors like infrastructure demand, regulatory changes, and exchange rate fluctuations play vital roles in determining price trends for 2022 and 2023.

The peanut oil prices in the India for Q4 2023 reached 1922 USD/MT in December. Initially, prices dropped due to increased supply and cheaper alternatives. However, rising inflation and input costs pushed prices up upward during the quarter's end. Additionally, growing international demand strained local supplies, impacting domestic pricing trends.

Peanut Oil Prices December 2023

Explore IMARC’s newly published report, titled “Peanut Oil Pricing Report {PricingCurrentYear}: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of peanut oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

The Wholesale Price Index of edible oils across India during financial year 2024 was 145. An overall increase in the price index was seen over the years from financial year 2013 till 2022 in the country. Edible oils refers to vegetable and animal oils and fats.

NCDEX: Spot Price: Crude Sunflower Oil: Mumbai: First Session data was reported at 1,340.000 INR/10 kg in 26 Mar 2025. This stayed constant from the previous number of 1,340.000 INR/10 kg for 25 Mar 2025. NCDEX: Spot Price: Crude Sunflower Oil: Mumbai: First Session data is updated daily, averaging 925.000 INR/10 kg from Jan 2024 (Median) to 26 Mar 2025, with 303 observations. The data reached an all-time high of 1,390.000 INR/10 kg in 25 Feb 2025 and a record low of 812.500 INR/10 kg in 03 Jan 2024. NCDEX: Spot Price: Crude Sunflower Oil: Mumbai: First Session data remains active status in CEIC and is reported by National Commodity & Derivatives Exchange Limited. The data is categorized under India Premium Database’s Price – Table IN.PB001: Commodities Spot Price: National Commodity & Derivatives Exchange Limited.

As of December 2023, the retail price index of sunflower oil in India was approximately 136. This meant, the RPI of sunflower oil had increased by 36 percent compared to the base year of 2016. Retail prices index is a measure of inflation published monthly by the Office for National Statistics. It measures the change in the cost of a representative sample of retail goods and services.