India's crude import basket at 10-month low but pump prices to remain high

Fear of worsening economic slowdown in China has dealt the latest blow to global crude oil, with daily prices falling to their lowest since January 4, 2022

The price of the Indian basket of crude oil has hit a 10-month low of $88.6 a barrel in November, government data showed.

However, officials say this may not translate into an immediate reduction in rates at pumps as state-owned retailers might need time to recoup losses incurred earlier.
 

Over the past few days, a fresh Covid-19 outbreak in China has compounded fears of economic slowdown intensifying in major economies. As a result Brent crude spot prices fell on Monday to their lowest since January 4, touching a low of $79.92 a barrel intraday. For India, every $1 per