Indian crude basket gets cheaper by Rs 180 a barrel

The continued fall in global crude prices has made the Indian crude imports cheaper by Rs 180 a barrel, the Ministry of Petroleum and Natural Gas said. 

As per the data published by the ministry, the price per  barrel of crude imported by India, on  January 5, stood at Rs 3266.49 as against Rs 3446.14 per barrel on January 2, 2015. 

The rupee has fallen by Re 0.10 over these three days but it didn't stem the fall in crude prices for Indian imports. 

The steep fall in crude prices can be seen from the fact that the crude oil price of Indian share was $58.12 in the December 12 to December 29, 2014 fortnight which came to Rs 3676.67 per barrel at the exchange rate of 63.26 to a dollar. 

The US crude is currently trading below $50 per barrel mark. The crude has been falling on the concerns of oversupply of US shale-gas. In an OPEC meeting last November, Saudi Arabia, the largest oil producer ruled out any cuts in production.