Global Crude oil price of Indian Basket was US$ 46.58 per bbl on 22.11.2016



Global Crude oil price of Indian Basket was US$ 46.58 per bbl on 22.11.2016
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$ 46.58 per barrel (bbl) on 22.11.2016. This was higher than the price of US$ 45.51 per bbl on previous publishing day of 21.11.2016.

In rupee terms, the price of Indian Basket increased to Rs. 3178.57 per bbl on 22.11.2016 as compared to Rs. 3106.70 per bbl on 21.11.2016. Rupee closed stronger at Rs. 68.23 per US$ on 22.11.2016 as against Rs. 68.26 per US$ on 21.11.2016. The table below gives details in this regard:

Particulars    
Unit
Price on November 22, 2016
 (Previous trading day i.e. 21.11.2016)                                                                  
Pricing Fortnight for 16.11.2016
(Oct 27, 2016 to Nov 11, 2016)
Crude Oil (Indian Basket)
($/bbl)
                  46.58              (45.51)        
44.80
(Rs/bbl
                 3178.57       (3106.70)       
2990.85
Exchange Rate
  (Rs/$)
                  68.23              (68.26)
66.76

 Daily Crude Oil Price- 23.11.2016     

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No Proposal to acquire GSPC by ONGC
The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that there is no proposal to acquire Gujarat State Petroleum Corporation (GSPC) by ONGC. However, in one such area, namely, KG-OSN-2001/1, allotted to GSPC and its Joint Venture partners, GSPC has approached ONGC for framing out certain stake. Towards this a non-binding Memorandum of Understanding has been signed between ONGC and GSPC on 04th October, 2016.

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Subsidy on Kerosene
The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that the Empowered Group of Ministers (EGoM) in its meeting held on 25th June, 2010 decided that the Retail Selling Price (RSP) of PDS Kerosene will be increased by Rs. 3/litre at Delhi, with corresponding increases in the rest of the country. Thereafter, the price will be raised periodically in line with the growth in per capita agricultural GDP at nominal price.
The EGoM, in its meeting held on 24th June, 2011 again made a price increase of Rs. 2/litre (excluding VAT).
As the periodical revisions as approved by EGoM in June 2010 was not put in practice, one time increase in prices by Rs. 3.23/litre (excluding VAT) would have a large impact on the consumers. Therefore, to reduce the impact on consumers, it has been decided to authorize Public Sector Oil Marketing Companies (OMCs) to increase the Retail Selling Prices of PDS Kerosene by 25 paisa per litre per fortnight (excluding VAT as applicable in different State/Union Territories) during the period from 01st September 2016 to 31st January 2017 and Rs. 0.23/litre on 1st February 2017.
As per National Sample Survey 2011-12, Kerosene Consumption in the country in the year 2011-12 was 53, 38, 426 KL in rural areas and 17,92,007 KL in urban areas.

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