Page 30 - Policy Economic Report - March 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

? Brent crude price averaged $97.86 per bbl in March 2026, up by 41.5% on a month on month (MoM)
and by 38.0% on year on year (YoY) basis, respectively.

? WTI crude price averaged $90.76 per bbl in March 2026, up by 41.1% on a month on month (MoM)
and by 34.2% on year on year (YoY) basis, respectively.

? Dubai crude price averaged $102.82 per bbl in March 2026, up by 50.6% on a month on month
(MoM) and by 46.8% on year on year (YoY) basis, respectively.

Table 2: Crude oil price in March, 2026

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 97.86
WTI 90.76 41.5% 38.0%
Dubai 102.82 41.1% 34.2%
Source - World Bank 50.6% 46.8%

Indian Basket Crude oil price

Figure 15: Indian crude oil basket price in $ per bbl

160
155
150
145
140
135
130
125
120
115
110
105
100

95
90
85
80
75

2-Mar-26
3-Mar-26
4-Mar-26
5-Mar-26
6-Mar-26
7-Mar-26
8-Mar-26
9-Mar-26
10-Mar-26
11-Mar-26
12-Mar-26
13-Mar-26
14-Mar-26
15-Mar-26
16-Mar-26
17-Mar-26
18-Mar-26
19-Mar-26
20-Mar-26
21-Mar-26
22-Mar-26
23-Mar-26
24-Mar-26
25-Mar-26
26-Mar-26
27-Mar-26

Source - PPAC

? Indian crude basket price averaged $112.39 per barrel in March 2026, up by 62.9% on Month on
Month (M-o-M) and by 55.1% on a year on year (Y-o-Y) basis, respectively.

March 2026 Page | 29