Global Crude oil price of Indian Basket was US$ 54.41 per bbl on 30.12.2016

Global Crude oil price of Indian Basket was US$ 54.41 per bbl on 30.12.2016


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$ 54.41 per barrel (bbl) on 30.12.2016. This was lower than the price of US$ 54.55 per bbl on previous publishing day of 29.12.2016.

In rupee terms, the price of Indian Basket decreased to Rs. 3697.71 per bbl on 30.12.2016 as compared to Rs. 3716.49 per bbl on 29.12.2016. Rupee closed stronger at Rs 67.95 per US$ on 30.12.2016 as against Rs 68.12 per US$ on 29.12.2016. The table below gives details in this regard:

Particulars    
Unit
Price on December 30, 2016 (Previous trading day i.e. 29.12.2016)                                                                  
Pricing Fortnight for 01.01.2017
(Dec 14, 2016 to Dec 28, 2016)
Crude Oil (Indian Basket)
($/bbl)
                  54.41            (54.55)            
   53.05
(Rs/bbl
                 3697.71       (3716.49)       
3599.97
Exchange Rate
  (Rs/$)
                  67.95              (68.12)
   67.86

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Under-recoveries for the month of January 2017 will be Rs. 12.78 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 December 2016. In the case of PDS Kerosene, the under-recoveries with effect from January 1, 2017 will be Rs 12.78 per litre. The under-recovery was Rs. 10.51 per litre in the first fortnight of December 2016 and Rs. 10.26 in the last fortnight of the month. The cash transfer to customer under DBTL will be Rs. 150.29, out of which Rs. 121.87 will be Cash Compensation on Domestic LPG by Govt. to consumers & Rs 28.42 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 Jan 17)
Cash transfer to customer under DBTL(eff. 1st Jan 17)
PDS Kerosene*
(Rs./Litre)
12.78
-
Cash Compensation on Domestic LPG by Govt. to consumers**
(Rs./Cylinder)
-
121.87
Cash Compensation on Domestic LPG by OMCs towards ‘Uncompensated Costs’ to consumers**
(Rs./Cylinder)
-
28.42

 * 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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