India is the world's third-largest oil-consuming and importing nation. It imports more than 85 per cent of its oil needs and hence domestic pricing is linked to international rates. The basket of crude oil that India buys has averaged USD 83.42 per barrel in November, down from USD 90.08 of October and USD 93.54 of September. Petrol, Diesel Price Revision Only when Oil Price Stabilises Below USD 80 Per Barrel.