Brent at $102: What India Actually Pays for Oil

Brent is a name for a type of oil price used around the world.

It does not mean every country pays exactly that amount for every barrel.

Refineries may pay different prices depending on the oil they buy and the cost of bringing it to them.

India also tracks an Indian Basket, which combines prices for different kinds of crude oil.

That basket is a guide, not the bill for every refinery.

Petrol and diesel prices at Indian pumps depend on other costs and taxes, too.

So a change in Brent does not have to cause an immediate change at the pump.

G7 leaders also agreed to release emergency oil and fuel reserves to help ease worries about supply.

Those reserves can provide temporary help, but they do not create a lasting new supply of oil.