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Global crude oil price of Indian Basket falls

Posted on Mar 20, 10:37AM | IBNS

New Delhi, Mar 19 : The international crude oil price of Indian Basket as computed/published on Tuesday by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas went down to US$ 106.12/barrel (bbl) on Mar 18.

This was lower than the price of US$ 106.44/bbl prevailing on the previous trading day of Mar 15.

In rupee terms also, the crude oil price declined only marginally to Rs 5761.25/bbl on Mar 18 as compared to Rs 5764.79/bbl on Mar 15.

This was due to rupee depreciation which wiped out most of the gains from fall in price in dollar terms.

The rupee-dollar exchange rate on Mar 18 at Rs 54.29/US$ against Rs 54.16/US$ on previous trading day of Mar 15.