Global Crude oil price of Indian Basket was US$50.32*per bbl on 01.09.2017

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$ 50.32* per barrel (bbl) on 01.09.2017.

In rupee terms, the price of Indian Basket decreased to Rs.3219.57per bbl on 01.09.2017 as compared to Rs. 3221.33per bbl on 31.08.2017. Rupee closed stronger at Rs. 63.98per US$ on 01.09.2017 as compared to Rs. 64.02per US$ on 31.08.2017.The table below gives details in this regard:

Particulars	Unit	Price on September01, 2017 (Previous trading day i.e. 31.08.2017)
Crude Oil (Indian Basket)	($/bbl)	*50.32(**50.32)
Crude Oil (Indian Basket)	(Rs/bbl)	3219.57 (3221.33)
Exchange Rate	(Rs/$)	63.98 (64.02)

* Since Oman and Dubai prices are not available due to holiday in Singapore on 01.09.2017, the price of Indian Basket Crude oil cannot be derived. Therefore, price of Indian basket as of 31.08.2017 has been considered.

Daily Crude Oil Price

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Under-recoveries for the month of September 2017 will be Rs. 7.79 per litrefor PDS Kerosene

The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas have reviewed international prices of crude oil and petroleum products for the month of August 2017. In the case of PDS Kerosene, the under-recoveries with effect from September 1, 2017 will be Rs7.79per litre.The under-recovery was Rs. 7.02 per litre in the first fortnight of August 2017 and Rs. 6.77 in the last fortnight of the month. The cash transfer to customer under DBTL will be Rs.110.32, out of which Rs. 95.11 will be Cash Compensation on Domestic LPG by Govt. to consumers &Rs15.21 will be the Cash compensation on Domestic LPG by OMCs towards ‘Uncompensated Costs’ to consumers.

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India despatches First Diesel Consignment to Myanmar

Symbolising the growing hydrocarbon engagement between India and Myanmar, the first consignment of 30 MT of High Speed Diesel was sent today from India to Myanmar by land route. Numaligarh Refinery Ltd. (NRL), which has been supplying HSD to Bangladesh, despatched the first diesel consignment through NH 37 across the Moreh Custom Check Point on the Indian side and Tamu Custom Check Point on the Myanmar side.

Supply of diesel consignment to Myanmar is another step in realizing the vision of Prime Minister Shri Narendra Modi to enhance hydrocarbon synergy with neighbouring countries as well as promoting India’s Act East Policy. NRL has entered into an agreement with Parami Energy Group of Companies for the supply of diesel and collaboration in the retail petroleum sector of Myanmar. NRL refinery, situated at 420 km from the India-Myanmar border, is ideally suited to supply diesel to Northern Myanmar where connectivity is a challenge, particularly in the rainy season.

Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan visited Myanmar in February this year during which he discussed opportunities for collaboration in the oil and gas sector including setting up of LNG terminal, retail marketing, refurbishment of refineries, participation in upstream sector and capacity building. ONGC Videsh Ltd. (OVL), GAIL India Ltd. and Oil India Ltd. have assets in the upstream sector as well as pipelines. In their effort to strengthen the oil and gas engagement, more Indian companies are planning to set up their offices in Myanmar soon. OVL has an office in Yangon.

NRL has already exported 1700 MT of Paraffin wax to Myanmar. It was a special privilege for India to contribute hand made wax candles to the 2500 year old Shwedagon Pagoda earlier this year.