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<\/picture><\/div>\nOil prices extended their rally from Thursday (October 22, 2026) as it breached the $115 per barrel-mark Thursday a day after Houthi attacks on Saudi Arabia\u2019s civilian and energy infrastructure.<\/p>\n
The latest escalation has spiralled oil prices to a near six-month high amid renewed tensions about disruptions to global oil supplies.<\/p>\n
At the time of writing Friday (October 23, 2026) evening, benchmark Brent crude futures for December delivery had scaled an intraday high of $115.14 per barrel, up 1.74% from their previous close.<\/p>\n
West Texas Intermediate (WTI) was also up 1.81% at $101.26 per barrel.<\/p>\n
India\u2019s crude oil basket averaged $119.99 per barrel on Friday, according to data from the Petroleum Planning and Analysis Cell (PPAC).<\/p>\n
The Indian basket has averaged $120.08 per barrel till date in the ongoing month.<\/p>\n
The latest benchmark prices are much higher than the Reserve Bank of India\u2019s projections of crude oil prices being at $95 per barrel in the second half of the fiscal year.<\/p>\n
An increase in crude oil prices elevates concerns of persisting inflation.<\/p>\n
According to estimates by Vipul Jindal and Tanay Dalal, economists at private-lender Axis Bank, public sector support of approximately 1.7% of GDP would cushion shocks when average oil prices stay at $100 per barrel this year.<\/p>\n
\u201cEvery $10 per barrel increase in crude [but pump prices steady], will raise support by 20 bps,\u201d they estimate.<\/p>\n
Adani Gas increases CNG prices amid higher LNG prices<\/h4>\n
Amid higher input gas pressures, Adani Total Gas on Friday increased the prices of compressed natural gas (CNG) at its retail stations by \u20b94.45 per kg.<\/p>\n
CNG at its outlets in Gujarat\u2019s Ahmedabad is now priced at \u20b998.47 per kg, \u20b9102.6 per kg in Haryana\u2019s Faridabad and \u20b9106.4 per kg in Rajasthan\u2019s Udaipur.<\/p>\n
On a standalone basis, the company operates 723 refuelling outlets across the country.<\/p>\n
In a statement, it explained that the price revision was necessitated by a \u201csubstantial rise in natural gas procurement costs, reflecting elevated global gas prices amid geopolitical developments, lower availability of domestic gas and ongoing supply curtailments\u201d.<\/p>\n
It added separately that spot purchases of liquefied natural gas have increased from $10-12 per MMBtu in February to about $30 per MMBtu at present.<\/p>\n<\/div>\n