India's crude basket hits $123, rupee weakness compounds fuel marketer losses

India's crude basket reached $123.29/bbl, near March 2012 highs, with a war premium and a weaker rupee inflating import costs by 86% for oil marketing companies. Despite domestic fuel price hikes, marketers are losing money, signaling potential fiscal strain and inflationary pressure. The situation is developing as global oil prices remain elevated.

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