The average price at which domestic refiners import oil — India’s crude oil basket — surged to $146.09 per barrel on March 17, up 111.7% from an average of $69.01 in February. While the development has raised the prospect of sharp spike in input costs across industries and macroeconomic stress, among first to bear the brunt are state-run oil marketing companies (OMCs), whose marketing margins have come under immense pressure. The oil price surge has been steep, with the India’s basket rising from $70.90 on February 26 to $127.20 on March 12, $136.56 on March 13 and $142.69 on March 16, reflecting tightening global supplies amid disruptions in West Asia.