Crude Oil Price Today in India
Live Brent and WTI crude oil prices converted to Indian Rupees. Updated every minute.
23 Jul 2026 · Source: Yahoo Finance (BZ=F, CL=F)
Brent Crude Oil Price Chart (INR/barrel)
5-Day Crude Oil Price History (INR)
Brent and WTI crude prices converted to Indian Rupees at daily USD/INR rate.
| Date | Brent (USD) | Brent (INR/bbl) | WTI (USD) | WTI (INR/bbl) |
|---|---|---|---|---|
| 23 Jul 2026 | $96.34 | Rs.9,301.63 | $88.54 | Rs.8,548.54 |
| 22 Jul 2026 | $94.07 | Rs.9,082.46 | $86.83 | Rs.8,383.44 |
| 21 Jul 2026 | $91.01 | Rs.8,767.99 | $84.91 | Rs.8,180.31 |
| 20 Jul 2026 | $89.22 | Rs.8,608.80 | $83.23 | Rs.8,030.83 |
| 17 Jul 2026 | $88.10 | Rs.8,506.06 | $82.49 | Rs.7,964.41 |
Crude Oil Price in India — A Complete Guide
India is the world’s third-largest crude oil consumer and imports approximately 85% of its petroleum needs. The international price of crude oil — primarily Brent crude (extracted from the North Sea) and WTI (West Texas Intermediate from the US) — has a direct and significant impact on India’s petroleum product prices, the rupee’s exchange rate, and the country’s trade deficit and inflation.
How Crude Oil Price Affects Petrol and Diesel Rates in India
India’s petrol and diesel retail prices are set by state-owned oil marketing companies (IOC, BPCL, HPCL) and are revised daily in a dynamic pricing system benchmarked against the international crude price and the rupee exchange rate. However, the central and state governments levy significant taxes (central excise duty and state VAT) that can account for 40–55% of the retail pump price — meaning a 10% drop in crude oil prices does not automatically translate to a 10% drop in petrol prices.
Brent vs WTI Crude Oil
Brent crude, extracted from the North Sea, is the global benchmark used by most international buyers, including India’s state refiners. WTI (West Texas Intermediate) is the US benchmark and is typically priced slightly below Brent due to transportation cost differences. India’s refineries primarily import Brent-linked crude from the Middle East (Saudi Arabia, UAE, Iraq), Africa, and increasingly Russia at discounted prices.
What Makes India’s Crude Oil Import Bill So Large?
India’s crude oil import bill is typically USD 100–130 billion per year, making it the single largest component of the country’s total import bill and a key driver of the current account deficit. When crude prices rise, India’s import bill increases, the rupee comes under pressure, foreign exchange reserves are drawn down, and inflationary pressure builds across the entire economy — from transportation to food production to power generation.
India’s Crude Oil Import Sources
India imports crude from over 30 countries. Iraq, Saudi Arabia, and the UAE are traditionally the top three suppliers. Since 2022, India has significantly increased imports of heavily discounted Russian crude (Urals grade), which became available after Western sanctions. Russia has become the largest single source of crude oil for India, accounting for over 30% of imports at its peak. India also imports crude from the US, Nigeria, and African producers to diversify supply.
FAQ
How is crude oil price calculated in Indian Rupees?
Crude oil is priced globally in US Dollars per barrel on the NYMEX (WTI) and ICE (Brent) exchanges. The INR price is calculated by multiplying the USD/barrel price by the prevailing USD-INR exchange rate. One barrel equals approximately 158.987 litres.
Does a fall in crude oil price reduce petrol and diesel rates in India?
A fall in crude prices tends to reduce petrol and diesel prices in India, but the pass-through is not 1:1. High central excise duty (₹19.90/litre on petrol, ₹15.80/litre on diesel as of 2024) and state VAT mean a significant portion of the pump price is fixed. The government sometimes chooses to absorb crude price drops to improve fiscal revenue rather than passing them to consumers.
What is the impact of crude oil prices on the Indian Rupee?
Rising crude oil prices increase India’s import bill, leading to higher demand for US Dollars to pay for oil imports. This increased dollar demand puts downward pressure on the Indian Rupee. Conversely, falling crude prices reduce dollar demand and typically support the Rupee. This is why the RBI tracks crude oil prices closely as a key input for monetary policy decisions.