Brent crude oil prices fell by 4.4% from $78.4 a barrel over the last 10 days, but Indian basket only descended by 1.8% from $77.4 a barrel. Currently the prices stand at $74.95 a barrel and $76 a barrel respectively.

Insight: Unlike for most international oil traders, Brent crude oil forms only 27.6% of Indian basket, which is why the Indian basket prices haven't fallen comparatively. Indian Basket is representation of derived basket of crude oils comprising sour (Dubai and Oman) and sweet (Brent) in ratio of 72.38 : 27.62. Hence, we see Indian prices to be sticky and at elevated levels despite lower Brent prices.