The international crude oil price for Indian Basket as published by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas sharply declined to 107.54 USD/barrel (bbl) on Nov. 16, 2012.

With this, price was lower by USD 00.37/bbl on Nov.16, 2012 as compared to USD 107.91 /bbl, the last trading day.  

In rupee terms also, crude oil price fell to Rs 5,913.62 a bbl on Nov. 16, 2012 as compared to Rs 5,930.73 a bbl on Nov. 15, 2012.

This was due to fall in price in dollar terms. Rupee dollar- exchange rate on Nov. 16, 2012 was Rs 54.99/USD against Rs 54.96 USD Nov. 15, 2012.