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Iran war prompted India to change crude formula to fix 3-year inaccuracy
In a break from tradition, India’s Petroleum Planning & Analysis Cell (PPAC), the custodian of the country’s petroleum data, changed India’s crude pricing formula in March, increasing the weight of the European benchmark Brent over 50 per cent for the first time ever in the Indian crude oil basket.
This has been done to reflect India’s underlying realities in crude imports, according to government data, industry officials and shipping data.
The new formula also correctly signals the general direction of India’s crude imports and the underlying pricing benchmarks after being out of sync with actual import trends for the last three years.
Source: Business Standard
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