The international crude oil price of Indian Basket as computed by the Petroleum Planning and Analysis Cell (PPAC) recently declined to $107.19 per barrel (bbl)on March 11, 2013. This was lower than the price of $107.32 per bbl prevailing on the previous trading day of March 8, 2013.
PPAC comes under the Ministry of Petroleum and Natural Gas. In rupee terms, also the Indian Basket crude oil price declined to Rs 5,819.35 per bbl on March 11 as compared to Rs 5, 838.21 per bbl on the previous trading day.
This was due to fall in price in dollar terms and also because of rupee appreciation. The rupee-dollar exchange rate on March 11 at Rs 54.29 per $ against Rs 54.40 per $ on previous trading day of March 8.
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