Domestic oil basket rises to $57.42

The price of India's crude oil basket rose by $1.14 per barrel to $57.42 a barrel Tuesday, the petroleum and natural gas ministry said today.

Despite the recent spurt, the price of India's crude basket currently is around 23 per cent lower than the all-time high of $75.30 a barrel on August 8. It is also the lowest in more than three months.

The average price for September so far is $61.38 per barrel compared with the August average of $70.84. The recent softening of crude prices has provided some relief to India's oil marketing companies that had been reeling under heavy revenue losses.

Oil marketing companies calculate their cost of petrol and diesel on the 1st and 16th of every month, based on the change in input costs in the previous fortnight.

The government did not allow these firms to hike retail rates even though the average monthly price of the Indian basket was above $70 a barrel in July and August.