Daily Crude oil price of Indian Basket was US$ 53.53/bbl on 31.12.2014

Daily Crude oil price of Indian Basket was US$ 53.53/bbl on 31.12.2014

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 December 2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the month of January 2015 will be Rs 19.46 per litre (Rs 25.69 per litre in last month) and Rs 235.91 per cylinder (Rs 279.91 per cylinder in last month) respectively.

Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs)

Product	Unit	Under-recoveries effective 01.01.2015 ( Previous fortnight effective 01.12 2014)
PDS Kerosene*	Rs/Litre	19.46 (25.69)
Domestic LPG*	Rs/Cylinder	235.91 (279.91)

*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.

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$ 53.53 per barrel (bbl) on 31.12.2014 as against US$ 53.81 per bbl on 30.12.2014. In rupee terms, the price of Indian Basket decreased to Rs 3390.05 per bbl on 31.12.2014 as compared to Rs 3430.39 per bbl on 30.12.2014. Rupee closed stronger at Rs 63.33 per US$ on 31.12.2014 as against Rs 63.75 per US$ on 30.12.2014.

The table below gives details in this regard