DNA Money on Monday reported that despite a spurt in international crude oil prices, the increase in retail prices of petrol has been nominal during the last one month as elections are underway. In 2019 so far, the price of the Indian crude basket has risen by almost 37%, thanks to the rise in global prices. The basket for crude oil for India rose to $72 per barrel on May 2, from $52.43 per barrel on January 2. The market assumes that the retail price has not risen because the government did not want to risk public ire during the elections. In 2018-19, India imported 227 million tonnes (mt) of crude and paid $114 billion, up from 203 mt in 2015-16 for $66 billion.

Source: dna May 08, 2019 00:11 UTC