Indian Basket Price of Crude Oil
The composition of Indian Basket of Crude oil represents Average of Oman & Dubai for sour grades and Brent (Dated) for sweet grade. The ratio of crude oil for this purpose is taken based on actual sour and sweet grade crude oil processed in the country in the previous financial year which is 69.9 : 30.1 for 2013-14.
Crude oil with high amount of sulphur is termed as sour and with less sulpher is called the sweet grade.
The price of Indian Basket is updated on the site of Petroleum Planning and Analysis Cell PPAC
It is estimated that for every one USD decrease in crude price, the country’s import bill decreases by around Rs. 8,578 crore. If the rupee appreciates vis-à-vis US Dollar then for every one rupee appreciation in exchange rate, the country’s crude oil import bill decreases by around Rs. 12,328 crore .