Determinants of Crude Oil Prices in India

International Journal of Economics and Management Studies

© 2017 by SSRG - IJEMS Journal

Volume 4 Issue 10

Year of Publication : 2017

Authors : Narendra Punati, Raghavender Raju. G

10.14445/23939125/IJEMS-V4I10P101

How to Cite?

Narendra Punati, Raghavender Raju. G, "Determinants of Crude Oil Prices in India," SSRG International Journal of Economics and Management Studies, vol. 4,  no. 10, pp. 1-9, 2017. Crossref, https://doi.org/10.14445/23939125/IJEMS-V4I10P101

Abstract:

Crude oil is an essential commodity for any economy hence the requirement of crude oil has been growing at a rapid pace as the economies grow, which has made India to depend more on its crude oil imports. Usually the price of crude oil is invariably much lesser than the import duties, it is the import duties which makes it costlier for a common man. This study gives an insight to the present condition of crude oil prices, and their imports in India. The data used for this study is monthly time series data from April 1994 to December 2015. This study has made an attempt to find out the major determinants of crude oil prices, for this purpose, we have employed the econometric technique i.e. ordinary least squares method. The study finally concluded that the determinants of crude oil prices (Brent crude oil prices, index of industrial production, exchange rate, and inflation) are found to significant.

Keywords:

The study finally concluded that the determinants of crude oil prices (Brent crude oil prices, index of industrial production, exchange rate, and inflation) are found to significant.

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