India's crude oil basket averaged $120.08 a barrel so far in October 2026, putting the country's main import benchmark near its highest level in almost 15 years, according to data from the Petroleum Planning and Analysis Cell (PPAC), the oil ministry's data arm, reported by Business Standard. On October 22, the basket stood at $119.99 a barrel.

Source: Business Standard via PPAC data

Business Standard reported on October 25 that the October average is the highest for any month since March 2012, when the basket averaged $123.61 a barrel. The October figure covers prices up to October 22, so the final monthly average can still move before the month ends.

$120.08Indian basket average, Oct 2026 so far
$123.61March 2012 average — the last higher month
$119.99Basket price on Oct 22

The surge is squeezing state-run oil marketing companies (OMCs), which sell petrol and diesel at retail prices that have not risen in step, and is swelling India's import bill, Business Standard reported. Retail fuel rates were unchanged across major cities on Monday, October 26, even as Brent crude traded around $114 a barrel after a recent rally.

For a country that imports most of its crude, a prolonged spell at these levels also adds to the Centre's fiscal pressure, including through fertiliser and cooking-gas support costs, and can feed inflation, economists cited in the reports said. How long prices stay elevated will decide the size of the hit to the import bill and the budget.