Daily Crude oil price of Indian Basket on 15.10.2014

Daily Crude oil price of Indian Basket was US$ 83.85/bbl on 15.10.2014 
Combined Daily Under-Recovery on sale of Diesel, PDS Kerosene and Domestic LPG is Rs 139 crore with effect from 16.10.2014
Over recovery of Rs 3.56/litre on Diesel for the fortnight commencing 16.10.2014


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 during the 1st fortnight of October 2014. The over-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of October effective 16.10.2014 is now Rs 3.56 per litre. The Over-recovery was Rs 1.90 per litre during 1st fortnight of October 2014.  In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the 2nd fortnight of October 2014 will be Rs 31.22 per litre (Rs 31.22 per litre in last fortnight) and Rs 404.64 per cylinder (Rs 404.64 per cylinder in last fortnight) respectively.
  
 Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs)

Product	Unit	Under-recoveries effective 16.10.2014 ( Previous fortnight effective 01.10 2014)
PDS Kerosene*	Rs/Litre	31.22              (31.22)
Domestic LPG*	Rs/Cylinder	404.64            (404.64)

*Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government. Their refinery-gate prices are fixed on monthly basis.

Oil Marketing Companies (OMCs),   effective 16th October 2014, are now incurring combined daily under-recovery of about Rs139 crore on the sale of PDS Kerosene and Domestic LPG. This is lower than Rs 156 crore daily under-recoveries during previous fortnight. The under-recoveries for the first quarter of the financial year 2014-15 has been Rs 28,691 crore. The figure was Rs 1, 39,869 crore for full year in the 2013-14.

Regarding daily international crude oil price of Indian Basket as published today, the price was US$ 83.85 per barrel (bbl) on 15.10.2014 as against US$ 87.46 per bbl on 14.10.2014. In rupee terms, the price of Indian Basket decreased to Rs 5124.07 per bbl on 15.10.2014 as compared to Rs 5344.68 per bbl on 14.10.2014. Rupee closed stronger at Rs 61.11 per US$ on 14.10.2014 as against Rs 61.25 per US$ on 13.10.2014. 
The table below gives details in this regard

Particulars	Unit	Price on Oct 15, 2014 (Previous trading day i.e. 14.10.2014)	Pricing Fortnight for 16.10.2014 (Sep 27 to Oct 10, 2014)
Crude Oil (Indian Basket)	($/bbl)	83.85               (87.46)	92.02
	(Rs/bbl	5124.07           (5344.68)	5650.03
Exchange Rate	(Rs/$)	61.11              (61.11)	61.40

*As RBI was closed on 15.10.2014, exchange rate is of 14.10.14