This basket is important as an increase in these prices tends to increase the price of petrol and diesel at the retail level.
In rupee terms, the price of Indian Basket declined to Rs 6653.55 per bbl on Feb 25 as compared to Rs 6671.69 per bbl on Feb 24.
This was due to fall in price in dollar terms and rupee appreciation. Rupee closed stronger at Rs 61.98 per dollar on Feb 25.
International price of crude has been steady in the last few weeks. Also, the rupee has not dipped against the dollar, which has ensured that petrol and diesel prices remain steady at the retail level.