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Neither benchmark alone determines India’s aggregate crude-import price. The Government of India’s Indian Basket combines Brent Dated, representing sweet crude, with an average of Oman and Dubai prices, representing sour crude. In FY2024–25, the basket weighted those components at 21.50% and 78.50%, respectively; the proportions reflect grades processed by Indian refineries and can change.
Which benchmark matters for India’s oil imports?
For the national indicator, both matter: Brent Dated supplies the sweet-crude component, while the Oman/Dubai average supplies the sour-crude component. The Indian Basket is therefore a composite rather than a choice between Brent and Dubai. The Petroleum Planning & Analysis Cell (PPAC) publishes the basket and its periodically updated ratio on its Indian Basket of Crude Oil page.
The basket describes an aggregate reference price. It does not mean every Indian refiner buys crude at one identical Brent or Dubai formula.
What do Brent Dated and Dubai represent?
Brent Dated: the sweet-crude component
Brent Dated represents the sweet-crude side of India’s basket. It is a North Sea-linked benchmark and provides a reference for the basket’s sweet-grade component. In FY2024–25, it accounted for 21.50% of the Indian Basket, according to PPAC’s Ready Reckoner H1 FY2024–25.
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Dubai and Oman: the sour-crude component
India’s basket uses an average of Oman and Dubai for its sour-crude component. Dubai is especially relevant to Middle East Gulf medium-sour crude and Asian trade. S&P Global Energy describes Platts Dubai as a physical price assessment for Dubai crude loading during the month of assessment, and a major reference for Middle East Gulf cargoes and other crude sold into Asia-Pacific markets. Its Platts Dubai crude oil price assessment page explains the assessment.
What were the Indian Basket weights in FY2024–25?
| Basket component | Crude type represented | FY2024–25 weight |
|---|---|---|
| Brent Dated | Sweet grade | 21.50% |
| Average of Oman and Dubai | Sour grades | 78.50% |
These percentages are PPAC’s FY2024–25 weights, not a permanent formula. PPAC says the ratio is based on the sweet and sour grades processed by Indian refineries, so it can change as the processing mix changes. Check PPAC’s current ratio notice for the applicable period rather than assuming the FY2024–25 split still applies.
As a separate historical figure, Hindustan Petroleum Corporation Limited reported an average Indian crude basket price of US$78.6 per barrel for FY2024–25 in its FY2024–25 annual report. That fiscal-year average is not a current daily or monthly price.
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Does the basket set the price of every Indian crude cargo?
No. The Indian Basket is a national indicator, while a specific refinery cargo is priced under its own commercial terms. Buyers compare prices using common benchmarks, but the actual price can depend on the contract, crude grade and quality differential, freight, and other terms. IndianOil discusses crude-oil pricing and benchmark comparisons in its crude oil pricing overview. The available public information does not establish one formula used for every cargo imported into India, so the basket should not be treated as a universal invoice price.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do Brent and Dubai directly determine petrol and diesel prices?
No. Crude benchmarks inform the context for oil costs, but they do not mechanically set the retail price of petrol or diesel. India’s Ministry of Petroleum and Natural Gas says petrol prices have been market-determined since 2010 and diesel prices since 2014; oil marketing companies consider international product prices and other market conditions. See the Ministry’s petroleum pricing information.
Quick Recap
Which benchmark should you use?
- For India’s aggregate crude-import indicator: use the Indian Basket, which combines Brent Dated and the Oman/Dubai average.
- For understanding the basket’s sweet-crude side: look to Brent Dated.
- For Middle East Gulf medium-sour crude and related Asian trade: Dubai is a particularly relevant reference.
- For a specific cargo or contract: check its benchmark, quality differential, freight, and contract terms rather than applying the national basket as though it were the purchase price.
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