Following the global oil trajectory, the benchmark Indian crude oil price dropped to a record low of $16.38 a barrel on Tuesday.
Brent crude prices touched $15.98 a barrel, its lowest since June 1999. It later recovered to slightly over $20 a barrel in early Wednesday trade. Meanwhile, West Texas Intermediate (WTI) crude was seen at $13.69 a barrel at one point, recovering from the bloodbath early this week.
According to the Petroleum Planning and Analysis Cell (PPAC), the March average of Indian Basket price was the lowest in the last 15 years at $33.36 a barrel last month. The lowest monthly average since April 2000, from when data is available, was $18.24 a barrel in November 2001.
