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Global Crude oil price of Indian Basket was US$ 46.22 per bbl on 30.09.2016



Global Crude oil price of Indian Basket was US$ 46.22 per bbl on 30.09.2016 


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$ 46.22 per barrel (bbl) on 30.09.2016. This was lower than the price of US$ 43.48 per bbl on previous publishing day of 29.09.2016.


In rupee terms, the price of Indian Basket increased to Rs. 3081.14 per bbl on 30.09.2016 as compared to Rs. 2893.52 per bbl on 29.09.2016. Rupee closed weaker at Rs. 66.66 per US$ on 30.09.2016 as against Rs. 66.55 per US$ on 29.09.2016. The table below gives details in this regard:

Particulars   
Unit
Price on September 30, 2016
 (Previous trading day i.e. 29.09.2016)                                                                  
Pricing Fortnight for 01.10.2016
(Sep 14, 2016 to
Sep 28, 2016)
Crude Oil (Indian Basket)
($/bbl)
 46.22              (43.48)        
   43.95
(Rs/bbl
 3081.14        (2893.52)       
2936.30
Exchange Rate
 (Rs/$)
  66.66              (66.55)
   66.81

Daily Crude Oil Price- 03.10.2016

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PETROTECH-2016, the 12th International Oil and Gas Conference and Exhibition will be organised at New Delhi from 5 to 7 December, 2016


PETROTECH-2016, the 12th International Oil and Gas Conference and Exhibition will be organised by the Ministry of Petroleum and Natural Gas at New Delhi from 05th to 07th December, 2016. Briefing the media in New Delhi today the Petroleum and Natural Gas Secretary Sh. K.D. Tripathi said that PETROTECH-2016 is poised to be the most important energy event in India in compassing the entire gamut of the oil and gas industry i.e. upstream, midstream and downstream, as well as related sectors such as alternative energy, engineering and technology.

Along with the three days Conference with an anticipated participation of over 100 eminent speakers and 6000 delegates, the event will also have an Exhibition with participation of over 600 exhibitors from over 50 countries. The theme for this year’s PETROTECH Conference is “Hydrocarbons to fuel the future: Choices and Challenges”. With this theme, PETROTECH-2016 aims to explore areas of growth in petroleum technology, exploration, drilling, production and processing, refining and other related issues. The Conference would be a platform for national and international experts from oil and gas industry to exchange views and share knowledge, expertise and experience across various segments.

Sh. Tripathi said that with steady economic growth and being the third largest energy consumer, India is today brightest spot for investors, traders and industrialists. With India looking to expand its energy portfolio and with 100 per cent FDI in Petroleum & Natural Gas sectors, organising such an event to showcase India’s Hydrocarbon industries to the world becomes all the more important.

The main event will be held at Vigyan Bhawan while the PETROTECH-2016 Exhibition will be held at Pragati Maidan. As part of India's growing engagement in the energy domain with countries in Asia, Africa, Latin America, Middle East, Europe and the US, 49 ministerial delegations have been invited to participate in the Conference. In addition, there  will be 2 Ministerial Sessions on “Hydrocarbons to fuel the future: choices and challenges” and “Transforming India: key initiatives”; 3 Plenary Sessions on “Oil price volatility: challenges and opportunities”, “India rising: resilience and reforms” and “India, manufacturing hub for the hydrocarbon sector”; 5 Theme Sessions on “Natural Gas: road towards cleaner and prosperous future”, “Beyond Fossil Fuels”, “Gearing for growth: talent requirements and expectations”, “Future of upstream: a techno-managerial challenge” and “The growing prominence of Asian refining”; Roundtable discussions on BRICS and CELAC countries; CEO Conclave; Exclusive forum on Women in the hydrocarbon industry and Yuva Youth Form; and Technical Programmes.

More and upto date information about the event can be obtained by following the twitter handle @petrotech2016 or facebook.com/petrotech.in

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Under-recoveries for the month of October 2016 will be Rs. 10.50 per litre for PDS Kerosene

The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products for the month of September 2016. In the case of PDS Kerosene, the under-recoveries with effect from October 1, 2016 will be Rs 10.50 per litre. The under-recovery was Rs. 10.03 per litre in the first fortnight of September 2016 and Rs. 9.78 in the last fortnight of the month. The cash transfer to customer under DBTL will be Rs. 62.91, out of which Rs. 28.23 will be Cash Compensation on Domestic LPG by Govt. to consumers & Rs 34.68 will be the Cash compensation on Domestic LPG by OMCs towards ‘Uncompensated Costs’ to consumers.

 Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs):

Product
Unit
Under  Recovery (eff. 1st Oct 16)
Cash transfer to customer under DBTL(eff. 1st Oct 16)
PDS Kerosene*
(Rs./Litre)
10.50
-
Cash Compensation on Domestic LPG by Govt. to consumers**
(Rs./Cylinder)
-
28.23
Cash Compensation on Domestic LPG by OMCs towards ‘Uncompensated Costs’ to consumers**
(Rs./Cylinder)
-
34.68

 * Under  Recovery is for Mumbai Market.

 ** Cash Subsidy is for Delhi market.

The under-recoveries/DBTL Subsidy for 2015-16 was Rs. 27,571 crore, while the figure was Rs 76, 285 crore for 2014-15.

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