Global Crude oil price of Indian Basket was US$ 32.53 per bbl on 26.02.2016



Global Crude oil price of Indian Basket was US$ 32.53 per bbl on 26.02.2016


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$ 32.53 per barrel (bbl) on 26.02.2016. This was higher than the price of US$ 31.01 per bbl on previous publishing day of 25.02.2016.

In rupee terms, the price of Indian Basket increased to Rs 2237.02 per bbl on 26.02.2016 as compared to Rs 2127.01 per bbl on 25.02.2016. Rupee closed weaker at Rs 68.78 per US$ on 26.02.2016 as against Rs 68.60 per US$ on 25.02.2016. The table below gives details in this regard:

Particulars    
Unit
Price on February 26, 2016
(Previous trading day i.e. 25.02.2016)                                                                  
Pricing Fortnight for 16.02.2016
(28 Jan to  11 Feb, 2016)
Crude Oil (Indian Basket)
($/bbl)
              32.53             (31.01)              
  30.05
(Rs/bbl
          2237.02         (2127.01)       
2040.70
Exchange Rate
  (Rs/$)
              68.78             (68.60)
    67.91


Daily Crude Oil Price- 29.02.2016      

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Shri Dharmendra Pradhan hails historic Budget announcement of providing LPG connection to women of BPL families
In an unprecedented move for the welfare of poor women particularly in rural areas, the Union Budget 2016 on Monday allocated Rs 2000 Cr to provide LPG connections to 1.5 crore women belonging to the below poverty line (BPL) families during the year 2016-17. The LPG connection will be in the name of women member of the poor household. The Scheme will be continued for at least two more years to cover a total of 5 crore BPL households. Terming the Budget announcement as historic, Shri Dharmendra Pradhan, Hon'ble Minister of State (I/C) Petroleum and Natural Gas said the Scheme Ujjwala will not only have immense health benefits for the women and their children by providing a clean cooking fuel, but also provide significant ecological dividends. According to WHO estimates, about 5 lakh women die in India due to unclean cooking fuels. Most of these premature deaths are due to non-communicable diseases such as heart disease, stroke, chronic obstructive pulmonary disease and lung cancer.

Shri Pradhan conveyed his deep gratitude to the Hon’ble Prime Minister and Hon’ble Finance Minister for this decision. He said that this is a wonderful Budget gift from Prime Minister to the women, particularly in rural areas. This is the first time in the history of the country that the Ministry of Petroleum and Natural Gas would implement a welfare scheme benefitting crores of rural women.

Christened as Ujjwala, the scheme provides a financial support of Rs 1600 for each LPG connection to the BPL households. The identification of eligible BPL families, as proposed in the Budget for 2016-17, will be made in consultation with the State Governments and the Union Territories. While providing the new connections to BPL households, priorities would be given to the uncovered States and pockets, particularly in the Eastern region of the country. This will be done in consonance with the vision of Hon'ble Prime Minister for development of Eastern India.

The Ministry of Petroleum and Natural Gas has already got many feathers in its cap in providing LPG services. With 15.2 crore customers enrolled in Pahal, it is the world’s largest cash transfer programme. The unique Giveitup programme has already more than 75 lakh households to its credit, who have voluntarily given up subsidy. The Year 2015 was the year in which new LPG connections were given to 50 lakh rural households, the highest ever in India’s history.


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Change in Tariff value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (all grades), Poppy seeds, Areca nuts, Gold and Silver notified
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-

In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:-

TABLE-1

Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $ Per Metric Tonne)
(1)
(2)
(3)
(4)
1
1511 10 00
Crude Palm Oil
650
2
1511 90 10
RBD Palm Oil
664
3
1511 90 90
Others – Palm Oil
657
4
1511 10 00
Crude Palmolein
666
5
1511 90 20
RBD Palmolein
669
6
1511 90 90
Others – Palmolein
668
7
1507 10 00
Crude Soya bean Oil
759
8
7404 00 22
Brass Scrap (all grades)
2919
9
1207 91 00
Poppy seeds
2464




TABLE-2
Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $)
(1)
(2)
(3)
(4)
1
71 or 98
Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
399 per 10 grams
2
71 or 98
Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
495 per kilogram 


TABLE-3
Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $ Per Metric Tonne )
(1)
(2)
(3)
(4)
1
080280
Areca nuts
2599”

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Government will provide calibrated marketing freedom to incentivise Oil & Gas production

Comprehensive plan to augment investment in Nuclear Power generation
Presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that Oil & Gas discovery and exploration of Gas in difficult areas will be incentivized by giving them calibrated marketing freedom. This is a major reform measure. As part of our drive towards self-sufficiency, the Government is considering to incentivize gas production from deep-water, ultra deep-water and high pressure-high temperature areas, which are presently not exploited on account of higher cost and higher risks. In the power sector, the Government is drawing-up a comprehensive plan, spanning next 15 to 20 years, to augment the investment in nuclear power generation. Budgetary allocation up to Rs. 3000 crore per annum, together with public sector investments, will be leveraged to facilitate the required investment for this purpose.

Shri Jaitley said that government will permit mobilization of additional finances to the extent of Rs 31,300 crore by NHAI, PFC, REC, IREDA, NABARD and Inland Water Authority through raising of Bonds during 2016-17. In the other segments of the infrastructure sector, the Government has achieved the highest coal production growth in over two decades, highest ever capacity addition in generation, highest ever increases in transmission lines and in distribution of LED bulbs.




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