Economic data
India’s Oil Buyers Squeezed by $123 Crude and Weak Rupee
The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.S. dollars, a weaker Indian currency swells the bill further. The combination of a war premium on international oil prices and a weak rupee caused Indian fuel marketers to lose money despite the increase in gasoline and diesel prices, the Financial Express…