Global Crude oil price of Indian Basket was US$ 49.06 per bbl on 17.08.2017

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$ 49.06 per barrel (bbl) on 17.08.2017. This was lower than the price of US$ 49.80 per bbl on previous publishing day of 16.08.2017.

In rupee terms, the price of Indian Basket decreased to Rs. 3151.91 per bbl on 17.08.2017 as compared to Rs. 3199.45 per bbl on 16.08.2017. Rupee closed at Rs. 64.24* per US$ on 17.08.2017. The table below gives details in this regard:

Particulars	Unit	Price on August 17, 2017 Previous trading day i.e. (16.08.2017)
Crude Oil (Indian Basket)	($/bbl)	49.06 (49.80)
Crude Oil (Indian Basket)	(Rs/bbl)	3151.91 (3199.45)
Exchange Rate	(Rs/$)	64.24*

* RBI reference rate for 17.8.2017 is not available. Therefore reference rate of 16.08.2017 has been considered.

Daily Crude Oil Price

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Petroleum Minister meets Odisha CM on 18th August 2017 in New Delhi

A meeting was held between the Chief Minister of Odisha, Shri Naveen Patnaik and Minister of State (I/C) for Petroleum & Natural Gas, Shri Dharmendra Pradhan today in Odisha Bhawan in New Delhi. In the meeting various options available to reach an amicable settlement of the present tax-dispute between Indian Oil Corporation Limited (IOCL) and Government of Odisha were discussed. The Secretary, Ministry of Petroleum & Natural Gas, the Chairman, IOCL, The Chief Secretary, Government of Odisha and the Development Commissioner, Odisha were also present in the meeting.

Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan was of the view that though the State had extended the tax concession in 2004, there was a necessity of finding an amicable solution to the present impasse keeping in view the fiscal health of the State and commercial interest of IOCL. He emphasized on the need for finding a middle path, wherein both IOCL and the State Government can work out a mutual acceptable solution by climbing down from their stated positions.

Shri Pradhan was of the opinion that it was important for the State Government to incentivize the expansion plans of IOCL to create petrochemical and downstream industries in the State. Over a period of time, it will enable the State to increase its revenue and also create additional employment avenues for the youth of the State. This will lay foundation of a new industrial ecosystem, facilitating industrialization and fiscal consolidation. This is in keeping with the vision of Hon’ble Prime Minister to provide adequate resources for development and industrialization of Eastern India, including Odisha.

It was agreed that the Officers of the Ministry of Petroleum & Natural Gas, IOCL and the State Government will deliberate various issues and work out an acceptable solution at the earliest.