Crude oil falls to a record low of $ 46.97 per bbl

New Delhi, (odibizinfo) Jan 08
The international crude oil price of Indian Basket as computed/published Thursday by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 46.97 per barrel (bbl) on 07.01.2015. This was lower than the price of US$ 49.22 per bbl on previous publishing day of 06.01.2015.
In rupee terms, the price of Indian Basket decreased to Rs 2980.25 per bbl on 07.01.2015 as compared to Rs 3120.06 per bbl on 06.01.2015. Rupee closed weaker at Rs 63.45 per US$ on 07.01.2015 as against Rs 63.39 per US$ on 06.01.2015.

Meanwhile , according to rating agency ICRA ,the fall in petrol prices from July 1, 2014 to now is expected to lead to annual savings of Rs 1400 per annum per two-wheeler consumer and Rs 9400 pa per passenger vehicle (PV). The diesel price fall could save Rs 8100 pa per diesel PV. The savings in fuel expenses would leave additional money in the hands of consumers, which could push discretionary expenditure leading to higher sales of consumer durables and sales of vehicles if crude oil prices sustain at the lower levels for some time.
With inputs from PIB