India’s oil-import benchmark is a blend of both—not Brent or Dubai alone. The Government of India’s Indian Basket combines Brent Dated, representing sweet crude, with an average of Oman and Dubai, representing sour crude. In FY2024–25, the basket’s reported weighting was 21.50% Brent Dated and 78.50% Oman/Dubai; those proportions reflect refinery processing and can change.
What is the Indian crude basket?
The Indian Basket is an aggregate indicator of the price of crude oil imported by India. The Petroleum Planning & Analysis Cell (PPAC) calculates it from two components: Brent Dated for sweet crude and an average of Oman and Dubai for sour crude. PPAC says the weighting is based on the grades processed by Indian refineries. PPAC’s Indian Basket page publishes ratio notices and basket-price information.
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That makes the answer to “Brent or Dubai?” a composite: both contribute, but the sour-crude component carried the larger share in the FY2024–25 mix.
How do Brent and Dubai differ?
| Benchmark | Crude represented | Trade relevance | Role in India’s basket |
|---|---|---|---|
| Brent Dated | Sweet crude | North Sea-linked benchmark | Sweet-crude component |
| Oman/Dubai average | Sour crude | Middle East Gulf crude and related flows into Asia-Pacific; Platts Dubai is a major reference for this trade | Sour-crude component |
S&P Global Energy describes Platts Dubai as a physical price assessment for Dubai crude loading during the month of assessment. It is an important reference for Middle East Gulf cargoes and other crude sold into Asia-Pacific markets. S&P Global Energy’s Platts Dubai assessment page explains the assessment.
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Brent Dated remains relevant to India because it represents the basket’s sweet-crude component. Dubai’s particular relevance to Asian medium-sour crude does not make it the sole benchmark for all Indian imports.
What were the Indian Basket weights in FY2024–25?
PPAC reported the following weights for FY2024–25:
| Component | FY2024–25 weight | What it represents |
|---|---|---|
| Brent Dated | 21.50% | Sweet crude |
| Average of Oman and Dubai | 78.50% | Sour crude |
These are fiscal-year weights, not a fixed formula for all time. PPAC says the proportions are tied to the sweet and sour grades processed by Indian refineries, so they can change as that processing mix changes. Check the current PPAC ratio notice for the applicable weighting rather than carrying the FY2024–25 figures forward as current.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchFor a separate historical price reference, Hindustan Petroleum Corporation Limited reported an average Indian crude basket price of US$78.6 per barrel for FY2024–25. That annual average is not a current daily or monthly price. HPCL’s FY2024–25 annual report provides the figure.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does every Indian crude cargo use Brent or Dubai pricing?
No single national basket weight establishes the purchase formula for every cargo. The basket is an aggregate indicator; a particular refinery’s price for a particular shipment can depend on its contract, crude grade, quality differential, freight and other commercial terms. IndianOil explains that buyers compare prices after converting them to a common benchmark, but that does not mean every buyer pays one uniform Brent- or Dubai-based formula. IndianOil’s crude-oil pricing explainer describes benchmark comparison.
In practice, the useful question depends on what you are evaluating: use the Indian Basket to understand India’s aggregate crude-import price, and look to the relevant contract and grade-specific terms to understand an individual cargo.
Does the crude benchmark set petrol and diesel prices?
Not directly. The 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; the Indian crude basket is not a mechanical formula that fixes the retail price at the pump. The Ministry’s petrol and diesel pricing page explains the policy context.
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