Global crude oil price of Indian basket rises
The international crude oil price for Indian Basket as computed/published on Thursday by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas rose sharply to USUSD .108.37/barrel (bbl) on Nov 7.
With this, price was higher by USUSD 1.88/bbl on Nov 7 as compared to USUSD 106.49/bbl on the previous trading day's figures of Nov 6.
The Indian basket has thus increased by over 4 dollars/bbl in the last two trading days of Nov 6 and Nov 7.
In rupee terms also, crude oil price increased substantially to Rs 5879.07per bbl on Nov 7 as compared to Rs 5814.35 per bbl on Nov 6.
This was due to rise in price in dollar terms though rupee appreciation moderated the increase in price in rupee terms the rupee-dollar exchange rate on Nov 6 was Rs 54.25/USUSD against Rs 54.60/USUSD on Nov 5.