Sharp fall in oil price of Indian Basket
New Delhi, Feb 22 : The international crude oil price of Indian Basket as computed/published on Friday by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas declined sharply to USUSD 111.28/barrel (bbl) on Feb 21.
This was lower by over $ 2/bbl than the price of US$ 113.50/bbl prevailing on the previous trading day of Feb 20.
In rupee terms, also, the crude oil price of fell to Rs 6062.53/bbl on Feb 21 as compared to Rs 6134.68/bbl on Feb 20.
This was due to fall in crude oil price in dollar terms though Rupee depreciation wiped out some of the gains.
Rupee dollar exchange rate on Feb 21 was Rs 54.48/US$ against Rs 54.05/US$ on previous trading day of Feb 20.