Global Crude oil price of Indian Basket was US$ 32.51 per bbl on 05.01.2016

Global Crude oil price of Indian Basket was US$ 32.51 per bbl on 05.01.2016
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$ 32.51 per barrel (bbl) on 05.01.2016. This was lower than the price of US$ 33.54 per bbl on previous publishing day of 04.01.2016.

In rupee terms, the price of Indian Basket decreased to Rs 2163.09 per bbl on 05.01.2016 as compared to Rs 2229.47 per bbl on 04.01.2016. Rupee closed weaker at Rs 66.54 per US$ on 05.01.2016 as against Rs 66.46 per US$ on 04.01.2016. The table below gives details in this regard:

Price on January 05, 2016(Previous trading day i.e. 04.01.2016)
Pricing Fortnight for 01.01.2016
(Dec 12 to Dec 29, 2015)
Crude Oil (Indian Basket)
32.51             (33.54)
2163.09         (2229.47)
Exchange Rate
66.54             (66.46)

Daily Crude Oil Price- 06.01.2016      


Oil PSUs to invest Rs 28,750 Cr for BS VI Auto Fuels 

Shri Dharmendra Pradhan, Minister of State (IC), Petroleum & Natural Gas, in a meeting, informed that Oil PSUs will invest about Rs. 28,750 Crores for switching over to BS-VI auto fuels. Keeping in view the environmental impact, rising pollution levels and consequent health hazards due to vehicular pollution, Ministry of Petroleum & Natural Gas is of the view that the country should switch over directly from BS-IV to BS-VI fuel standards. 

The meeting was also attended by Shri Nitin Gadkari, Hon’ble Minister for Road Transport & Highways, Shri Anant Geete, Hon’ble Minister for Heavy Industries & Public Enterprises, and Shri Prakash Javadekar, Hon’ble MoS(IC), Environment, Forests & Climate Change. 

It was noted in the meeting that the BS-IV auto fuels have already been introduced in some parts of the country and will be introduced in the entire country by 01.04.2017. It was decided that the country will leap frog directly from BS-IV to BS-VI fuel standards which will be implemented in the country w.e.f., 01.04.2020. 

To discuss details of fuel specifications and other relevant issues of BS-VI auto fuels, a group of concerned Secretaries will be formed which will give its report within two weeks. 

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