In rupee terms also, the crude oil price increased to Rs 5701.06/bbl on March 25, 2013, as compared to Rs 5693.75/bbl on 22.03.2013. This was due to rise in price in dollar terms, though its impact was moderated by rupee appreciation.
Crude prices have remained steady over the last few months, after touching a high of almost $118 per barrel. Analysts do not see any significant recovery in crude prices globally.
Following lower crude prices the oil marketing companies recently cut the prices of petrol at the retail level. However, diesel prices have been raised recently to cut the under recovery in the fuel.