Global Crude oil price of Indian Basket was US$ 47.23 per bbl on 26.05.2016

Global Crude oil price of Indian Basket was US$ 47.23 per bbl on 26.05.2016
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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$ 47.23 per barrel (bbl) on 26.05.2016. This was higher than the price of US$ 46.74 per bbl on previous publishing day of 25.05.2016.

In rupee terms, the price of Indian Basket increased to Rs. 3178.11 per bbl on 26.05.2016 as compared to Rs. 3152.39 per bbl on 25.05.2016. Rupee closed stronger at Rs 67.29 per US$ on 26.05.2016 as against Rs 67.45 per US$ on 25.05.2016. The table below gives details in this regard:

Price on May 26, 2016 (Previous trading day i.e. 25.05.2016)                                                                  
Pricing Fortnight for 16.05.2016
(28 Apr to 11 May, 2016)
Crude Oil (Indian Basket)
                47.23                (46.74)         
             3178.11            (3152.39)       
Exchange Rate
                67.29                (67.45)

YKB/Rk/Daily Crude Oil Price- 27.05.2016      
Petroleum Minister Launches Website of IIPE Visakhapatnam
The Minister of State (I/C) for Petroleum & Natural Gas, Shri Dharmendra Pradhan today launched the website of Indian Institute of Petroleum & Energy (IIPE), Visakhapatnam (

As per the Andhra Pradesh Reorganisation Act, 2014, Government of India had agreed to establish institutions of national importance in Andhra Pradesh, one of them being a Petroleum University. In pursuance of this, Indian Institute of Petroleum and Energy is being set up at Visakhapatnam, Andhra Pradesh. The institute will primarily focus on teaching and research in petroleum and energy. IIT Kharagpur will be the mentor institute for the establishment of IIPE.

Government of Andhra Pradesh has allotted 150 acres of land free of cost in Visakhapatnam district for setting up the permanent campus of IIPE and has facilitated the provision of a temporary campus in the Engineering College, Andhra University, Visakhapatnam.

IIPE will commence its academic programmes from the Academic Year 2016-17 at its temporary campus by offering undergraduate programmes in Petroleum Engineering and Chemical Engineering. Admission to these programmes will be on the basis of scores in JEE (Advanced) 2016-17. 

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