The basket of crude oil that Indian refiners buy hit a new high of $96 per barrel on Wednesday, the latest day for which data are available.
The basket, which comprises Oman-Dubai sour (high sulphur) grade crude oil and Brent dated sweet (low sulphur) crude oil in a 61.4:38.6 ratio, has averaged $91.91 per barrel this month compared with $89.52 per barrel in January and $87.92 in December.
The price of the Indian basket of crude oil has been reflecting the soaring futures price of oil in the New York Mercantile Exchange, which hit an all-time high of $102.08 per barrel on Wednesday, before falling to below $100 per barrel at the end of the day.
US light sweet oil for April delivery was trading at just over $99 per barrel in New York on Thursday.
The price of Brent crude oil, the global benchmark primarily produced from the North Sea, has also been trading at over $99 per barrel in London.