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
|
|
3660.78 (3694.17)
|
3677.56
|
||
|
Exchange Rate
|
66.74 (66.72)
|
66.95
|
***********
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.
*******
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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