Relief for country as crude prices drop

The international crude oil price for Indian Basket has declined sharply in the last few days to $110.06/barrel (bbl) on September 19, as against $112.26/bbl on September 18.

In rupee terms also, the crude oil price decreased to Rs 5971.86 per bbl on September 19, from Rs 6091.23 per bbl on September 18.

The India crude basket is likely to decline further in the coming days on account of the sharp appreciation in the rupee. This coupled with falling crude prices is good news for India. The country has been battling high crude prices and only recently raised the prices of diesel to cut its fiscal deficit.

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