Global Crude oil price of Indian Basket was US$ 49.15 per bbl on 05.10.2016

Global Crude oil price of Indian Basket was US$ 49.15 per bbl on 05.10.2016 

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$ 49.15 per barrel (bbl) on 05.10.2016. This was higher than the price of US$ 48.28 per bbl on previous publishing day of 04.10.2016.

In rupee terms, the price of Indian Basket increased to Rs. 3271.76 per bbl on 05.10.2016 as compared to Rs. 3213.55 per bbl on 04.10.2016. Rupee closed weaker at Rs. 66.57 per US$ on 05.10.2016 as against Rs. 66.56 per US$ on 04.10.2016. The table below gives details in this regard:

Price on October 05, 2016
 (Previous trading day i.e. 04.10.2016)                                                                  
Pricing Fortnight for 01.10.2016
(Sep 14, 2016 to
Sep 28, 2016)
Crude Oil (Indian Basket)
 49.15              (48.28)        
 3271.76        (3213.55)       
Exchange Rate
  66.57              (66.56)

Daily Crude Oil Price- 06.10.2016

Shri Dharmendra Pradhan meets Sri Lankan Minister for Petroleum Resources Development

Minister of State (I/C) for Petroleum & Natural Gas, Shri Dharmendra Pradhan, met with his Sri Lankan counterpart Mr Chandima Weerakkody, Minister of Petroleum Resources Development in New Delhi today.

During the meeting, both the Ministers discussed various Indian proposals, including joint development of Upper Tank Farm by Lanka IOC (LIOC) in Trincomalee; setting up of LNG terminal at Kerawalapitiya, near Colombo by Petronet LNG Ltd; setting up of City Gas Distribution network by GAIL and use of CNG in the automotive sector of Sri Lanka. Government of Sri Lanka is working towards promoting the use of clean fuel in Sri Lanka, including for power generation. Shri Pradhan said that the Ministry of Petroleum and Natural Gas has offered to work with the Government of Sri Lanka in developing gas infrastructure in Sri Lanka. He further added that the Indian companies had engaged a reputed consultant for assessing LNG demand and are developing related infrastructure in Sri Lanka; the report would be shared with Sri Lanka shortly.

Mr Weerakkody welcomed India’s cooperation in this regard. He said that though India’s gas based business and infrastructure is only 20 year old, it has the requisite experience and expertise in the sector and is ready to share with Sri Lanka.

Shri Pradhan also discussed LIOC activities in Sri Lanka, including increasing the number of its Retail Outlets and bunkering operations and granting license to LIOC for marketing ATF and LPG. Both the sides also discussed refurbishment of Sapugaskanda refinery and possibility of setting up of a refinery in Sri Lanka as a joint venture to address the local needs. India also offered to assist Sri Lanka in building oil and gas pipeline networks in Sri Lanka.

Both Ministers exchanged notes on the E&P activities in Sri Lankan Mannar basin. Shri Pradhan said that ONGC Videsh Ltd (OVL) and its parent company ONGC had the expertise and knowledge of the geological conditions that exist in the Cauvery basin. He said that these conditions are similar to Mannar basin in Sri Lanka and, hence, OVL could be a natural partner in carrying out E&P activities in this area.

Shri Pradhan expressed India’s commitment to work with Sri Lanka to develop Trincomalee as a regional energy hub. Both the petroleum Ministers discussed on the possibility of creating SAARC Energy Initiative to create sub-regional hydrocarbon infrastructure, particularly gas network, to fuel our economies in a sustainable manner. Cooperation in bio-fuel sector was also discussed, including training of Sri Lankan professionals in India in the sector.


Participants of Rio Olympics belonging to Petroleum PSUs felicitated

Players and coaches, who participated in the Rio Olympics, and are employees of Public Sector Oil and Gas Companies, were felicitated in a ceremony at New Delhi today. The Minister of State (I/C) for Petroleum and Natural Gas Shri Dharmendra Pradhan gave awards to all the 28 Rio Participants from the Petroleum family. Some other eminent sportspersons, who have gained repute earlier, and belong to the PSUs were also honoured. Nine budding young sportspersons, who have selected through GAIL Raftar competition all over the country, were also felicitated.


Congratulating the sportspersons for bringing laurels to the country, Shri Pardhan said that 24% of the Indian Rio Contingent was from the Public Sector Petroleum companies. He said that the sportspersons are the brand ambassadors of the Companies and the nation, and they unify the country through their performance. Stressing on long term planning and financial support, Shri Pradhan said that sports culture has to be inculcated on large scale. He said that most of the sportspersons in the country have to overcome several hardships, and hence whole-hearted support is required so that they can perform better at international level. The Minister specially praised Ms P.V.Sindhu for her grit, determination and fighting spirit.

            The Rio participants felicitated today were: Atanu das, J. Mathews, M.R.Poovamma, R.Mohan Kumar, Shiva Thapa, Vishal Khandekar, S.V.Sunil, Manpreet Singh, Devinder Walmiki, V.R. Raghunath, S.K.Uthappa, Harmanpreet Singh, Kothajit Singh, Kavita Raut, Rohan Bopanna, P.Thombre, Manike Batra, Mouma Das, Sharad kamal, Soumyajit Ghosh, Heena Sindhu, P.Gopichand, K.Srikanth, Manu Atri, Ashwini Ponappa, Jwala Gutta, Saina Nehwal, and P.V.Sindhu.  

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