India Holds Fuel Prices Steady Even as Oil Basket Soars Above $155

Indian retail fuel prices are stable despite a surge in the oil basket price to over $155 per barrel, the Hindustan Times reported today, citing energy industry executives. The Indian oil basket settled at $156.29 per barrel on March 19, overtaking Brent crude in a rare occurrence resulting from the supply disruption in the Middle East. That’s despite Iran’s statement that it would allow Indian tankers carrying oil for the subcontinent to pass through the Strait of Hormuz. As a result of the disruption, the Indian oil basket has surged…