Crude Oil Price in INR Today
Crude oil is priced in US dollars, so the rupee price per barrel is the dollar price multiplied by the USD/INR exchange rate. At Brent near $106 and the rupee near ₹95.3 per dollar on 13 October 2026, a barrel cost roughly ₹10,100, or about ₹64 per litre of crude. Use the live quotes and the converter below for today's figure.
Crude oil price in rupees: converter
Defaults: Brent near $106 per barrel and USD/INR 95.28, the cross rate implied by the European Central Bank's euro reference rates for 13 October 2026. Enter the live Brent or WTI price and the live rate from the quotes above. The result is the cost of crude only, before freight, refining, taxes and dealer margins.
Why the rupee matters as much as the oil price
India imports most of the crude oil it refines and pays for it in dollars. A weaker rupee therefore raises the rupee cost of every barrel, even if the dollar price does not move. A 1% fall in the rupee has the same effect on the import bill as a 1% rise in Brent.
2026 has shown both effects at once. Brent was about $72 at the end of February 2026, then jumped after the Iran war disrupted tanker traffic through the Strait of Hormuz. It traded between roughly $103 and $107 in the second week of October. Over the same period the rupee weakened to about ₹96–97 per dollar in early October, before the Reserve Bank of India announced measures to curb dollar demand on 12 October. For the full sequence of events, see oil price history and what moves oil prices.
Brent in rupees by year
Converting annual average prices shows how much of the rupee oil bill comes from currency weakness. In 2025 the dollar price of Brent was lower than in 2014, but the rupee price was about the same because the rupee lost roughly 30% of its value over those years.
| Year | Brent (USD/bbl) | Avg USD/INR | Brent (₹/bbl, approx.) |
|---|---|---|---|
| 2014 | $98.97 | 61.02 | ₹6,039 |
| 2016 | $43.64 | 67.20 | ₹2,933 |
| 2020 | $41.96 | 74.11 | ₹3,110 |
| 2022 | $100.93 | 78.63 | ₹7,936 |
| 2023 | $82.49 | 82.59 | ₹6,813 |
| 2024 | $80.52 | 83.67 | ₹6,737 |
| 2025 | $69.14 | 87.17 | ₹6,027 |
Brent: EIA annual average spot price (series RBRTE). USD/INR: annual average of daily cross rates derived from European Central Bank euro reference rates. INR price = annual Brent average × annual rate average, so it is an approximation of the true daily average.
MCX crude oil futures: contract basics
Indian traders get rupee exposure to crude through futures on the Multi Commodity Exchange of India (MCX). The MCX contract is not linked to Brent. It settles against the NYMEX WTI front-month settlement price, converted into rupees at the RBI reference rate. So the MCX price tracks WTI futures multiplied by USD/INR, and it trades a few hundred rupees below a Brent-based conversion whenever Brent is above WTI (see Brent vs WTI).
| Symbols | CRUDEOIL (standard) and CRUDEOILM (mini, relaunched March 2023) |
|---|---|
| Lot size | 100 barrels (standard); 10 barrels (mini) |
| Price quotation | Rupees per barrel |
| Tick size | ₹1 per barrel: ₹100 per standard lot, ₹10 per mini lot |
| Settlement | Cash-settled; final price is the NYMEX WTI front-month settlement converted at the RBI USD/INR reference rate, rounded to the nearest tick |
| Expiry | Around the 19th–20th of each month, shortly before NYMEX WTI expiry; exact dates are in the MCX contract calendar |
| Trading hours | Monday to Friday from 09:00 IST to 23:30 IST, extended to 23:55 IST while US clocks are on standard time (roughly November to March) |
Sources: MCX contract terms as reported by brokers and exchange notices (Fyers notice on Crude Oil Mini, March 2023; MCX trading-hours circulars 2025–2026); settlement mechanism as reported by Business Standard in April 2020. Check the current MCX contract specification before trading.
Commodity futures are leveraged and can lose more than the initial margin. This page is information, not trading advice.
When MCX crude went negative
The settlement link to NYMEX had a dramatic consequence in April 2020. When the May 2020 WTI contract settled at −$37.63 on 20 April, MCX settled its April contract at −₹2,884 per barrel, using the RBI reference rate of ₹76.6335. Traders holding long positions to expiry had to pay. The episode is covered in oil price history.
From crude in rupees to petrol and diesel prices
Petrol and diesel prices in India are set by state-owned and private oil marketing companies, and they include central excise duty, state VAT and dealer commission. These taxes are a large fixed part of the pump price, so a change in the rupee crude price moves pump prices by a smaller percentage, often with a delay. To see how one barrel splits into fuels, read oil price per barrel.
Crude oil price in INR FAQ
How is the crude oil price in INR calculated?
Multiply the dollar price per barrel by the USD/INR exchange rate. At $106 per barrel and ₹95.3 per dollar, one barrel costs about ₹10,100. Divide by 158.987 to get the price per litre, about ₹64 in that example, before freight, refining and taxes.
Is the MCX crude oil price based on Brent or WTI?
MCX crude oil futures settle against the NYMEX WTI front-month settlement price, converted at the RBI reference rate. The MCX price therefore follows WTI times USD/INR. India's import bill depends more on Brent and Middle East grades, which usually trade a few dollars above WTI.
What is the lot size of MCX crude oil?
The standard MCX CRUDEOIL contract covers 100 barrels and the CRUDEOILM mini contract covers 10 barrels. Both are quoted in rupees per barrel with a ₹1 tick, so a one-rupee move is worth ₹100 on a standard lot and ₹10 on a mini lot.
Why does a weaker rupee raise fuel costs in India?
India imports most of its crude and pays in dollars. When the rupee falls, each dollar of crude costs more rupees, so refiners' costs rise even if the dollar price of oil is unchanged. Higher crude costs eventually pass into petrol, diesel and LPG prices, or into government subsidies and lower tax collections.
Related pages
Oil Price Per Barrel
Today's oil price per barrel in USD for Brent and WTI, plus calculators converting the barrel price to price per gallon and per litre.
Brent Crude Oil Price
Current Brent crude oil price live in USD per barrel, with a real-time chart, ICE Brent contract facts and what is driving today's move.
WTI Crude Oil Price
Current WTI crude oil price live in USD per barrel, with a real-time chart, NYMEX contract facts, Cushing delivery and key US drivers.
India
India's crude oil imports: dependence on imports, the rise of Russian barrels, top suppliers, refining capacity and how the rupee affects oil costs.