India's crude import price hits $120.46 per barrel, decade high
Business
India's crude oil import price has shot up to $120.46 per barrel this October; its highest in over a decade and up nearly 4% from last month.
Global tensions and a weaker rupee are making things tougher, with Brent crude also trading high at $114.60 per barrel.
India's Apr-Sep oil bill up 35%
Oil prices peaked at $123.72 on October 26, a level not seen since 2012, pushing the country's April-September import bill up by 35% to $81.1 billion compared with last year.
Companies like HPCL and BPCL are feeling the squeeze too, with rising costs cutting into their profits.
Experts warn that if oil jumps another $10 per barrel, it could widen India's current account deficit by 0.3% of GDP, a sign of just how much these price hikes matter for everyone's wallet.