The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas said that the international crude oil price for the Indian Basket sharply declined over dollar 3 to USD 112.55 per barrel (bbl) on May 4, 2012.
"The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas declined sharply by over dollar 3 on May 4 to US$ 112.55 per barrel (bbl) as compared to USD 115.69/bbl on previous trading day i.e. May 3," said the statement released by PPAC.
Similarly, the prices in terms of rupees were recorded to be lower at Rs 6046.19 against Rs 6159.34 per bbl on May 3, 2012. The fall in the prices was not as pronounced since rupee devalued further to Rs 53.72/USD on May 4 against Rs 53.24//USD on May 3.