I/We Claim:
1. An oil-based cleansing formulation comprising:
a) an oil mix having a combination of cetyl ethyl hexanoate, isopropyl myristate, and light liquid paraffin;
b) a surfactant mix having a combination of potassium ricinoleate, polyethylene glycol 40 hydrogenated castor oil, and polyethylene glycol 20 glyceryl triisostearate; and
c) at least one diluent.

2. The oil-based cleansing formulation as claimed in claim 1, wherein the at least one diluent is a combination of a first diluent and a second diluent, selected independently from the group consisting of water, propylene glycol, butylene glycol, and combinations thereof.
3. The oil-based cleansing formulation as claimed in claim 2, wherein the first diluent is propylene glycol having a weight percentage in the range of 5.32 – 21.28 % with respect to the formulation and second diluent is water having a weight percentage in the range of 4.68 – 18.72% with respect to the formulation.
4. The oil-based cleansing formulation as claimed in claim 1, wherein the cleansing formulation comprises:

a) an oil mix having a weight percentage in the range of 20 – 70 % with respect to the formulation;
b) a surfactant mix having a weight percentage in the range of 20 – 60 % with respect to the formulation; and
c) at least one diluent having a weight percentage in the range of 10 – 40 % with respect to the formulation.

5. The oil-based cleansing formulation as claimed in claim 1, wherein cetyl ethyl hexanoate has a weight percentage in the range of 1.15 – 4.04 % with respect to the formulation.
6. The oil-based cleansing formulation as claimed in claim 1, wherein potassium ricinoleate has a weight percentage in the range of 1.5 – 4.51 % with respect to the formulation.
7. The oil-based cleansing formulation as claimed in claim 1, wherein isopropyl myristate has a weight percentage in the range of 11.53 – 40.36 % with respect to the formulation.

8. The oil-based cleansing formulation as claimed in claim 1, wherein light liquid paraffin has a weight percentage in the range of 7.32 – 25.61 % with respect to the formulation.
9. The oil-based cleansing formulation as claimed in claim 1, wherein the polyethylene glycol 40 hydrogenated castor oil has a weight percentage in the range of 1.83 – 5.49 % with respect to the formulation.
10. The oil-based cleansing formulation as claimed in claim 1, wherein the polyethylene glycol 20 glyceryl triisostearate has a weight percentage in the range of 16.67 – 50 % with respect to the formulation.
11. The oil-based cleansing formulation as claimed in claim 1, further comprising excipients selected from the group consisting of at least one preservative, at least one chelating agent, at least one emollient, at least one fragrance, at least one colorant, and combinations thereof.
12. The oil-based cleansing formulation as claimed in claim 11, wherein the at least one preservative has a weight percentage in the range of 0.01 to 2% with respect to the formulation and is selected from the group consisting of phenoxyethanol, DMDM hydantoin, butylated hydroxytoluene, ethylenediaminetetraacetic acid, sodium benzoate, ethyl hexyl glycerine, phenoxy ethanol, and combinations thereof; and the at least one emollient has a weight percentage in the range of 0.001 to 5% with respect to the formulation and is selected from the group consisting isopropyl myristate, isopropyl palmitate, light liquid paraffin, carnauba wax, spermaceti, beeswax, lanolin, liquid paraffin, petrolatum, squalene, lauric acid, myristic acid, palmitic acid, stearic acid, behenic acid, oleic acid, linoleic acid, linolenic acid, lanolic acid, isostearic acid, arachidonic acid and poly unsaturated fatty acids, and combinations thereof.
13. A process for preparation of the oil-based cleansing formulation as claimed in any of the claims 1-12, said process comprising the steps of: (a) contacting potassium ricinoleate, polyethylene glycol 40 hydrogenated castor oil with first diluent to obtain a first mixture; (b) contacting cetyl ethyl hexanoate, polyethylene glycol 20 glyceryl triisostearate, isopropyl myristate and light liquid paraffin to obtain a second mixture; and (c) contacting the first mixture with the second mixture in the presence of second diluent to obtain the formulation.

14. A method for cleansing skin, the method comprising the steps of: a) contacting skin with the formulation as claimed in any of the claims 1-12; b) rinsing the skin with water to obtain cleansed skin.