Global Crude oil price of Indian Basket was US$ 34.01 per bbl on 24.12.2015

Global Crude oil price of Indian Basket was US$ 34.01 per bbl on 24.12.2015 
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 was US$ 34.01 per barrel (bbl) on 24.12.2015. This was higher than the price of US$ 33.03 per bbl on previous publishing day of 23.12.2015.

In rupee terms, the price of Indian Basket increased to Rs 2251.79 per bbl on 24.12.2015 as compared to Rs. 2186.64 per bbl on 23.12.2015. Rupee closed at Rs 66.20 per US$ on 23.12.2015. The table below gives details in this regard:

Price on December 24, 2015
(Previous trading day i.e. 23.12.2015)                                                                  
Pricing Fortnight for 16.12.2015
(Nov 27 to Dec 11, 2015)
Crude Oil (Indian Basket)
             34.01             (33.03)               
          2251.79         (2186.64)       
Exchange Rate

                      Daily Crude Oil Price- 28.12.2015      
Benefit of LPG subsidy will not be available if the consumer or his/her spouse had taxable income of more than Rs Ten lakh in previous financial year 
At present, there are 16.35 crore LPG consumers in the country. With the implementation of the PAHAL Scheme (DBTL), the subsidy is being transferred directly to the Bank Account of 14.78 crore LPG Consumers. The objective of the scheme was to ensure that the subsidy benefits go to the targeted group. The Government had also given a call to the well-to-do households for voluntarily giving up LPG subsidy. So far, 57.50 lakh LPG consumers have opted out of LPG subsidy voluntarily heeding the call given by the Prime Minister. The subsidy saved from the ‘GiveitUp’ campaign is being utilized for providing new connections to the BPL families under the ‘Giveback’ campaign. This enables provision of LPG, a clean fuel, to poor households by replacing the conventional fuels such as kerosene, coal, fuel wood, cow dung, etc. relieving the poor of the hardships and health hazards from such fuels.

While many consumers have given up subsidy voluntarily, it is felt that consumers in the higher income bracket should get LPG cylinders at the market price. Therefore, the Government has decided that the benefit of the LPG subsidy will not be available for LPG consumers if the consumer or his/her spouse had taxable income of more than Rs 10,00,000/- during the previous financial year computed as per the Income Tax Act, 1961. In keeping with the approach of trusting the citizens, this will be given effect to initially on self-declaration basis while booking cylinders from January 2016 onwards. 

Petroleum Minister meets the Chief Minister of Maharashtra to discuss issues concerning the oil and gas sector 
The Minister of State (I/C) for Petroleum and Natural Gas Shri Dharmendra Pradhan today held meeting with Shri Devendra Fadnavis, Chief Minister of Maharashtra in Mumbai. They discussed all issues related to oil, gas, petroleum products, and the supply & marketing infrastructure in the state of Maharashtra.

Shri Pradhan requested for various supports that ONGC, IOC, BPCL, HPCL and city gas development entities look for from the government of Maharashtra. The Chief Minister assured to consider the proposals expeditiously.

Shri Pradhan proposed that public sector Oil Marketing Companies(OMCs) would like to set up a new refinery in Maharashtra. This would be in addition to the two refineries of HPCL and BPCL(with combined capacity of 20 MMT) in the city of Mumbai. Maharashtra Chief Minister assured to extend all support including provision of land for this purpose. It may be noted that Maharashtra consumes about 18 MMT of petroleum products per annum which is going to increase in the coming years. 

Bharat Petroleum’s New Crude Distillation unit in Mumbai dedicated to the Nation 
The new state of the art Crude Distillation Unit (CDU) of Bharat Petroleum’s Mumbai Refinery was dedicated to the nation today by Shri Devendra Fadnavis, Chief Minister of Maharashtra and Shri Dharmendra Pradhan, Minister of State (I/C) for Petroleum and Natural Gas at the Mumbai Refinery. The unit with a capacity of 6.0 MMTPA at a cost of Rs. 1419 Crores is a replacement of old Crude and Vacuum units of the refinery. Also present on the occasion were Members of Parliament Shri Arvind Sawant, Shri Rahul Shewale, Shri Gopal Shetty and MLA from Chembur, Shri Prakash Phaterpekar.

This Refinery of BPCL was commissioned in 1955 by Burmah Shell Refineries Ltd. with a capacity of 2.2 MMTPA. Post-nationalization in 1976, the refinery has progressively expanded through low cost revamps and adoption of new technologies. Currently, it has an installed capacity of 12.0 MMTPA with three Crude & Vacuum Distillation units with matching secondary processing and treatment facilities.

The commissioning of this new CDU would ensure cleaner environment and efficient use of energy with lower emissions and reduction in energy consumption. The Sulphur dioxide emission from this new unit would be less than 10.5 mt/d – the lowest in the country amongst all the refineries. Tightly heat integrated with furnaces of higher efficiency, the reduction in energy consumption in terms of Liquid Fuel Equivalent (LFE) is expected to be about 30 % which results into estimated savings of Rs. 128 Crores per annum on fuel consumption.

The integral part of this new CDU is its superior design and safety features. This has resulted in significantly lesser number of equipments as compared to older units and facilitates better turnaround management during shutdown and routine maintenance. The unit is designed with the latest safety features like blast-proof control room and closed drainage system, thus making it an efficient, intrinsically safe and sustainable unit, with higher distillate yield of 3% and thus contributing to higher Refining margins.

Looking ahead, the stabilization of this unit would help in dismantling the old 1955 CDU units, thereby creating space for refinery modernization to meet future auto fuel norms and other profitability enhancing projects.

Speaking on the occasion the Minister Shri Pradhan announced the plan of setting up of a new refinery in Maharashtra. Chief Minister, Maharashtra assured to provide land and other facilities for the proposed new Refinery. 

Relaxation of guidelines for selection of customers for domestic gas available from small isolated fields 
Para 3(x) of guidelines dated July 8, 2013 regarding allocation of gas from small/isolated fields stipulates that in order to achieve early monetization, only such projects shall be selected that are ready to off-take gas within 90 days from the date of readiness indicated by the National Oil Companies (NOCs). The NOCs have brought to the notice of the Ministry of Petroleum and Natural Gas that customers of North East Region are facing various difficulties in utilizing the gas within 90 days and have been requesting for longer lead time for monetization of gas from small and isolated fields. Considering the difficulties of North East Customers, the Government has decided to increase the period of 90 days for off-take of gas from the date or readiness indicated by the NOCs as mentioned in para 3 (x) of the guidelines dated 8.7.2013 to one year in respect of small and isolated fields located in the North East Region. 

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