Crude Oil Price on 28th November 2014
Import/Export of Gas
The Minister of State (I/C) for Petroleum
& Natural Gas Shri Dharamendra Pradhan informed the Lok Sabha in a written
reply today that as per extant policy, no permission from Government is
required for import of Ethane.
There is no proposal to supply domestic
natural gas to any other country including Pakistan.
The availability of domestic natural gas is
less than the domestic consumption need.
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Gas Reserves in Coal
Mines
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The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharamendra Pradhan
informed the Lok Sabha in a written reply today that Ministry of Coal has
informed that Government does not have an estimation of Coal Bed Methane
(CBM) gas resources in coal mine.
The production of CBM gas from the awarded CBM blocks during the last three
years and the current year (up to 31.10.2014) is as follows:
*MMSCM: Million Standard Cubic Meters
The Government has notified New Domestic Natural Gas Pricing Guidelines- 2014
which has become effect from 1st November, 2014. These guidelines
are applicable to all natural gas including CBM. Operator of CBM block will
be required to pay Royalty and requisite fees, levies and taxes as applicable
from time to time to State/Central Government at the prevailing rates.
The CBM production from the awarded CBM blocks is expected to reach to the
level of 4.0 MMSCMD by 2016-17.
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Settlement Of LPG Distributorship Cases
The Minister of State (I/C) for Petroleum
& Natural Gas Shri Dharamendra Pradhan informed the Lok Sabha in a written
reply today that Public Sector Oil Marketing Companies have reported that there
are instances of selected applicants filing court cases after issue of Letter
of Intent due to various reasons. Cancellation of their allotments of Retail
Outlet/LPG distributorship is attributed to reasons like cancellation of
eligibility certificate by the Directorate General of Resettlement (DGR), false
information by the candidate in the application form, No Objection Certificate
(NOC) related issues, land related issues, contravention of dealer selection
guidelines etc. The number of such court cases pending in various courts on all
India basis in respect of Retail Outlets is 41 and for LPG distributorships for
past three years and current year is 23.
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Daily Crude oil price of Indian Basket was
US$ 70.29/bbl on 28.11.2014 Combined Daily Under-Recovery on sale of Diesel,
PDS Kerosene and Domestic LPG is Rs 148 crore with effect from 01.12.2014 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 last month of November 2014. In the case of PDS Kerosene
and Domestic LPG, the under-recoveries for the month of December 2014 will be
Rs 25.69 per litre (Rs 27.60 per litre in last month) and Rs 279.91 per cylinder
(Rs 393.50 per cylinder in last month) respectively. Product-wise Under-recoveries of Public Sector
Oil Marketing Companies (OMCs)
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Product
|
Unit
|
Under-recoveries effective 01.12.2014
( Previous fortnight effective 01.11 2014)
|
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PDS
Kerosene*
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Rs/Litre
|
25.69
(27.60)
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Domestic
LPG*
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Rs/Cylinder
|
279.91
(393.50)
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*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 1st December 2014, are now
incurring combined daily under-recovery of about Rs 148 crore on the sale of
PDS Kerosene and Domestic LPG. This is lower than Rs 188 crore daily
under-recoveries during previous month. The under-recoveries for the half year
of the financial year 2014-15 has been Rs 51,110 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$ 70.29 per barrel
(bbl) on 28.11.2014 as against US$ 72.51 per bbl on 27.11.2014. In rupee terms,
the price of Indian Basket decreased to Rs 4355.87 per bbl on 28.11.2014 as
compared to Rs 4486.19 per bbl on 27.11.2014. Rupee closed weaker at Rs 61.97
per US$ on 28.11.2014 as against Rs 61.87 per US$ on 27.11.2014.
The table below gives details in this
regard
|
Particulars
|
Unit
|
Price on
Nov 28, 2014 (Previous
trading day i.e.
27.11.2014)
|
Pricing Fortnight for 01.12.2014
(Nov 13 to Nov 26, 2014)
|
|
Crude Oil (Indian
Basket)
|
($/bbl)
|
70.29
(72.51)
|
76.43
|
|
(Rs/bbl
|
4355.87
(4486.19)
|
4723.37
|
|
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Exchange Rate
|
(Rs/$)
|
61.97
(61.87)
|
61.80
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