Page 3 - FIPI - Policy & Economic Report May 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Consumer price inflation (% annual change) -Actual and Forecasted......................................... 10
Figure 2: Real GDP growth (%change) - -Actual and Forecasted ................................................................ 11
Figure 3: Composite PMI output index, April 2026..................................................................................... 12
Figure 4: Composite PMI input index, April 2026 ....................................................................................... 12
Figure 5: Major developed economies, PMI output index ........................................................................ 12
Figure 6: Developed World PMI output and prices vs. monetary policy.................................................... 13
Figure 7: Global consumer price inflation and supply chain delays ........................................................... 14
Figure 8: S&P Global PMI: reported drivers of higher manufacturing input prices.................................... 14
Figure 9: Global manufacturing output ...................................................................................................... 15
Figure 10: CPI based inflation and Food inflation ...................................................................................... 20
Figure 11: National Level Division wise Inflation Rate (%).......................................................................... 21
Figure 12: HSBC India Manufacturing PMI................................................................................................. 23
Figure 13: Total Trade during April 2026 ................................................................................................... 25
Figure 14: Merchandise Trade during April 2026 ....................................................................................... 26
Figure 15: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 39
Figure 16: Indian crude oil basket price in $ per bbl................................................................................... 40
Figure 17: Refining Margins ($/bbl) ............................................................................................................ 43
Figure 18: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 43
Figure 19: Global natural gas price trends ($/mmbtu) ............................................................................... 47
Figure 20: Domestic natural gas price May’25–26 ($/mmbtu)................................................................... 48
Figure 21: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 49
Figure 22: LNG imports (Qty in MMSCM) ................................................................................................... 49
Figure 23: Sectoral Consumption of Natural Gas (Qty in MMSCM) in Apri 2026 ....................................... 50
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Table 1: Inflation rates for rural and urban ................................................................................................ 20
Table 2: Index numbers and inflation rate.................................................................................................. 22
Table 3: Trade during April 2026................................................................................................................. 25
Table 4: Crude oil price in May, 2026 ......................................................................................................... 40
Table 5: Non-DoC liquids production in 2026, mb/d .................................................................................. 41
Table 6: World Oil demand, mb/d .............................................................................................................. 42
Table 7: Singapore FOB, refined product prices ($/bbl) in April 2026........................................................ 44
Table 8: Petroleum products consumption in India, April 2026 ................................................................. 45
Table 9: Gas price, April 2026 ..................................................................................................................... 47

May 2026 Page | 2