India's crude oil basket hits $131/barrel, highest since March

India's crude oil basket surged to $131 per barrel, the highest since March 2026, driven by Middle East tensions and global supply concerns. Despite the spike, fuel prices remain unchanged — petrol at ₹102.12/litre and diesel at ₹95.20/litre in Delhi. Retail inflation already stands at 4.82% in August 2026, raising concerns over rising transport and consumer goods costs.