Direct share of crude oil related products in WPI basket is around 9.3%. Thus a 10% increase in crude oil would lead to increase in WPI by 0.9 percent. Bank of Baroda's baseline forecast for wholesale price Index ( WPI) is 11.5-12% for FY'22 and 6 per cent for FY'23, which might increase by around 0.9-1 per cent because of increase in crude prices.
