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Crude oil price of Indian basket crosses $62 40 per bbl

New Delhi, Nov 10 (UNI) The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has crosses the 62.40 dollar per barrel (bbl) mark on Thursday.
Though, it was lower than the price of US$ 62.42 per bbl on November 8. 2017, it is expected that it may rise by 10 dollar in coming days which may hurt the Indian economy as government will be forced to cut the duty on petroleum products resulting in loss of revenue for the government.
According to the Reserve Bank of India (RBI) estimates, if oil price hits high or even stays at the current level of 65 dollar per barrel in the year through March, inflation could rise by 30 basis points.
Oil prices rose nearly 1 per cent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia.
As per the analysts the sharp rise in the crude oil prices is driven by developments in Saudi Arabia in recent days and anticipation that the consolidation of power by King Salman and the Crown Price will continue.
Along with the political turmoil, Saudi Arabia has plans to cut crude exports by 120,000 barrels per day which is pushing the prices for huge importers like India.
The continued rally in the prices may hurt the Modi government as it will be forced to slash the duty imposed on the petroleum product earning good revenue to the exchequer which may disrupt the government plans and project.
The crude prices were high at 114 dollar per barrel when the Modi government took over in May 2014 and since then the prices fell to a lower band of 40 dollar per dollar. At one point it had even went down to 30 dollar per barrel. The prices remained below 50 dollar till September and now it has crossed the 60 dollar barrier.
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