October 13, 2026: Is another round of hike in retail prices of petrol and diesel imminent? It seems such a decision might not be far off, considering the constant rise of the average price of crude oil in October. The average price of the crude oil that Indian refiners are buying this month has reached a $127.04. Needless to emphasise this is the highest level suffered since the beginning of the war between the US and Iran on February 28 this year. This is ushering in an energy nightmare for India. While the government and companies witness their budget and raw material price projections go haywire, individuals are exposed to inflation spreading throughout the economy and putting upsetting their own monthly finances.

Past $127 a barrel

“Crude Oil Indian Basket as on 08.10.2026 is $127.04/bbl,” Petroleum Planning & Analysis Cell (PPAC), an arm of the petroleum ministry, wrote solemnly on its website. As benchmark Brent crude oil prices refuse to come below $100/barrel, the average cost of Indian imports have kept rising and now sailed past the $127 mark. For the domestic economy, this is the figure that really matters, since this indicates the average price that Indian importers are paying for their crude oil purchases. And there is no indication that energy market disruptions are going to end anytime soon.

(Source: News Nine)