Can you please tell the formula for how WTI crude oil in dollar is converted to MCX crude oil. Eg: Current price is $46. 71 and how this price is calculated in MCX crude oil the formula

You need to look at the next month rate of crude oil trading on CME, and multiply by the exchange USDINR rate to get current month theoretical  MCX crude contract value.

You can check the rate of crude on CME on this link. 

So for example, to find the price of July crude on MCX,

August crude is currently at $45.70, USDINR on NSE at 67.2825

So technically July crude oil on MCX  should be 45.7 * 67.2825 = Rs 3075

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petrol price rising in India and it is at its peak .

The government has power and money and the system control hold , all everything !
why did the government did not buy/book/long, the crude oil contracts ; when it was in negative price , internationally and in MCX ; few months back ? The government could have made a good fortune ?



It was negative for only 1 day and that too not spot, it is for future contract expiring that day.

It is futures price and the oil companies do view is oil price on15th jan 2021 possible crash lets see.

The Government did save some money, check this news article -

As per a different article, India bought oil at an average price of 19$ per barrel during April & May -

*The data in the above article is taken from the answer to a question asked in Rajya Sabha.

But India couldn’t store a lot of oil during that time, because there was a shortage of storage, check this news article -

Majority of India’s oil purchases are from from the Middle East, mainly Dubai and Oman axis, and are based on Brent crude benchmark prices which didn’t go below zero like WTI crude. This article explains that in detail -

Lastly, I did see an article which mentioned that India had signed a MoU with US to store oil in their Strategic Petroleum Reserve around July 2020 (likely to store WTI crude)