It is now no longer a question of if, but when. That oil prices will breach the psychological barrier of $100 a barrel is almost a foregone conclusion. Refined petroleum products like high speed diesel and jet fuel are already trading above $100/bbl.
In India, petroleum minister Murli Deora met finance minister P. Chidambaram to discuss measures to cope with the impact of the price rise on oil marketing companies. The Indian crude basket, calculated as a mixture of oil prices in Dubai/Oman and Brent is above $85/bbl.
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