On Friday, the price of the Indian crude oil basket fell below $100 per barrel for the first time since March 6, reaching $97.52. This decline is attributed to a 11% drop in global crude prices amid reports of a potential deal between the US and Iran, as well as the anticipated reopening of the Strait of Hormuz for oil shipments. Concurrently, the global benchmark Brent crude price has also decreased to $91.12 per barrel. While this reduction is expected to lower input costs for Indian refiners, it may not completely alleviate the under-recoveries on petrol, diesel, and liquefied petroleum gas (LPG), which are estimated at ₹550 crore per day. Additionally, the significant depreciation of the Indian rupee could diminish the advantages gained from the falling crude prices. The Indian oil basket had previously surged from an average of $69 per barrel in February to $114.5 in April, averaging $106.83 in May.