Page 3 - Policy Economic Report - March 2026
P. 3
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
List of Figures & Tables
Figure 1: Oil prices ........................................................................................................................................ 8
Figure 2: Share of global trade passing through the Strait, based on average flows during the week
before the military escalation that began on 28 February........................................................................... 8
Figure 3: Total number of daily ship transits through Strait of Hormuz....................................................... 9
Figure 4: Daily oil and gas prices, 1 January 2024 – 9 March 2026 .............................................................. 9
Figure 5: Monthly food price index and crude oil prices, January 1990 to February 2026 ........................ 10
Figure 6: FAO Food price index ................................................................................................................... 11
Figure 7: SAF share of jet fuel ..................................................................................................................... 12
Figure 8: Annual GDP Estimates along with Y-o-Y Growth Rates at Constant Prices ................................. 15
Figure 9: Sector-wise growth rates (%)....................................................................................................... 15
Figure 10: Quarterly real GDP estimates (in Lakh crore) and y-o-y growth rates (%) ................................ 16
Figure 11: Sector-wise growth rates (%) of real GVA in Q3 of 2023-24, 2024-25 and 2025-26 ................. 16
Figure 12: Total Trade during February 2026 ............................................................................................ 20
Figure 13: Total Trade during April- February 2025-26 ............................................................................. 20
Figure 14: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 28
Figure 15: Indian crude oil basket price in $ per bbl................................................................................... 29
Figure 16: Refining Margins ($/bbl) ............................................................................................................ 32
Figure 17: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 32
Figure 18: Global natural gas price trends ($/mmbtu) ............................................................................... 36
Figure 19: Domestic natural gas price March’25–26 ($/mmbtu) ............................................................... 38
Figure 20: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 39
Figure 21: LNG imports (Qty in MMSCM) ................................................................................................... 39
Figure 22: Sectoral Consumption of Natural Gas (Qty in MMSCM) in February 2026 ............................... 40
________________________________________________________________________________
Table 1: Trade during February 2026.......................................................................................................... 19
Table 2: Crude oil price in March, 2026 ...................................................................................................... 29
Table 3: Non-DoC liquids production in 2026, mb/d .................................................................................. 30
Table 4: World Oil demand, mb/d .............................................................................................................. 31
Table 5: Singapore FOB, refined product prices ($/bbl) in February 2026 ................................................. 33
Table 6: Petroleum products consumption in India, February 2026 and Year till Date (YTD).................... 34
Table 7: Gas price, February 2026 .............................................................................................................. 36
Table 8: Gas price, GCV Basis ...................................................................................................................... 37
March 2026 Page | 2
