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Global Crude oil price of Indian Basket was US$ 55.07 per bbl on 11.10.2017



Global Crude oil price of Indian Basket was US$ 55.07 per bbl on 11.10.2017
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$ 55.07 per barrel (bbl) on 11.10.2017. This was higher than the price of US$ 54.79 per bbl on previous publishing day of 10.10.2017.

In rupee terms, the price of Indian Basket increased to Rs. 3594.65 per bbl on 11.10.2017 as compared to Rs. 3576.02 per bbl on 10.10.2017. Rupee closed unchanged at Rs. 65.27 per US$ on 11.10.2017 as compared per US$ on 10.10.2017. The table below gives details in this regard:
Particulars
Unit
Price on October 11, 2017 (Previous trading day i.e. 10.10.2017)
Crude Oil (Indian Basket)
($/bbl)
             55.07           (54.79)
(Rs/bbl)
            3594.65       (3576.02)
Exchange Rate
(Rs/$)
             65.27          (65.27)

Daily Crude Oil Price       
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GST rate structure for Petroleum and Oil Sector
To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6thOctober, 2017 has made the following recommendations for GST rate structure for Specified Goods and Services:
i. Offshore works contract services and associated services relating to oil and gas exploration and production in the offshore areas beyond 12 nautical miles shall attract GST of 12%;
ii. Transportation of natural gas through pipeline will attract GST of 5% without input tax credits (ITC) or 12% with full ITC;
iii. Import of rigs and ancillary goods imported under lease will be exempted from IGST, subject to payment of appropriate IGST on the supply/import of such lease service and fulfilment of other specified conditions.
Further, GST rate on bunker fuel is being reduced to 5%, both for foreign going vessels and coastal vessels.
Notifications to give effect to the above proposals will be issued shortly.

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