The average international price of the basket of crude oil imported by the country during the current financial year so far comes to $22.49-a-barrel against $27.06-a-barrel last fiscal.
Since every one dollar drop in international prices of crude results in a saving of Rs 3,600 crore in India's oil import bill, the $4.57 reduction in the average price of imported crude would mean this year's oil import bill shrinking by Rs 16,452 crore. The 2000-01 oil import bill was at Rs 80,000 crore.
International oil prices also have a direct bearing on the oil pool deficit, which is reportedly standing at Rs 12,000 crore. As per the calculations made by the Oil Coordination Committee (OCC), every one dollar decline in international prices of crude oil results in the oil pool deficit going down by Rs 200 crore on a monthly basis.
The Indian basket represents published freight on board (FOB) prices of crude oil in the ratio of 54:46 of Oman/Dubai for sour crude oil and Brent for sweet crude oil.
The lowest price for the Indian basket of crude from November 2000 till date was recorded on November 15, 2001, when it touched $16.04-a-barrel while the highest price during this period was on November 15, 2000, when it was quoted at $32.58-a-barrel.
The lowest price of the Indian basket after the September 11 terrorist attack on the US was also on November 15, 2001, at $16.04-a-barrel and the highest was on September 14, 2001, at $27.97-a-barrel.
The average exchange rate during the current month (February 2002) till date comes to Rs 48.57-a-dollar.
As per Oil Coordination Committee (OCC) calculations, every Re one increase in the value of dollar pushes up the oil pool deficit by Rs 100 crore on a monthly basis.
