Global Crude oil price of Indian Basket was US$ 54.85 per bbl on 28.02.2017




Global Crude oil price of Indian Basket was US$ 54.85 per bbl on 28.02.2017
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$ 54.85 per barrel (bbl) on 28.02.2017. This was lower than the price of US$ 55.36 per bbl on previous publishing day of 27.02.2017.

In rupee terms, the price of Indian Basket decreased to Rs. 3660.78 per bbl on 28.02.2017 as compared to Rs. 3694.17 per bbl on 27.02.2017. Rupee closed weaker at Rs. 66.74 per US$ on 28.02.2017 as compared to Rs. 66.72 per US$ on 27.02.2017. The table below gives details in this regard:

Particulars     
Unit
Price on February 28, 2017 (Previous trading day i.e. 27.02.2017)                                                                  
Pricing Fortnight for 01.03.2017
(Feb 14, 2017 to Feb 24, 2017)
Crude Oil (Indian Basket)
($/bbl)
                  54.85             (55.36)       
54.93
(Rs/bbl
                 3660.78        (3694.17)       
3677.56
Exchange Rate
  (Rs/$)
                  66.74              (66.72)
66.95


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Under-recoveries for the month of March 2017 will be Rs. 13.50 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 February 2017. In the case of PDS Kerosene, the under-recoveries with effect from March 1, 2017 will be Rs 13.50 per litre (Rs 13.33 per litre in last month). The cash transfer to customer under DBTL will be Rs. 302.57, out of which Rs. 270.16 will be Cash Compensation on Domestic LPG by Govt. to consumers & Rs 32.41 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 Mar 17)
Cash transfer to customer under DBTL(eff. 1st Mar 17)
PDS Kerosene*
(Rs./Litre)
13.50
-
Cash Compensation on Domestic LPG by Govt. to consumers**
(Rs./Cylinder)
-
270.16
Cash Compensation on Domestic LPG by OMCs towards ‘Uncompensated Costs’ to consumers**
(Rs./Cylinder)
-
32.41

 * 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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No Net Impact on LPG Consumers
With effect from 1st March, 2017, non-subsidized price of LPG cylinder has increased by Rs.86. This is in line with the rise in global LPG product prices. However, there will be no impact on the LPG consumers receiving subsidized refills. To illustrate with an example, the consumer will pay Rs.737 for a new refill in Delhi w.e.f. 1st March, 2017 and will receive subsidy amount of Rs.303 in his/ her account and the net price for the consumer will be Rs.434, which remains unchanged.
Thus, there will be no net impact of the increase in price of non-subsidized cylinder on the LPG consumers receiving subsidized refills.



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