MUMBAI – India’s crude oil prices are surging to record highs, rocketing to $136 per barrel last week, from $50 a barrel four years ago, as demand for oil here continues to outrun supply. India has long-term contracts and diverse sources for buying crude. As a result, the average price of the country’s crude basket historically has been lower than most other countries, including the U.S. However, the nation’s oil companies do not have the freedom to set the prices for their own ...

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