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$ 54.49 per barrel (bbl) on 15.02.2017. This was lower than the price of US$ 54.79 per bbl on previous publishing day of 14.02.2017.
In rupee terms, the price of Indian Basket decreased to Rs. 3646.31 per bbl on 15.02.2017 as compared to Rs. 3667.79 per bbl on 14.02.2017. Rupee closed stronger at Rs. 66.92 per US$ on 15.02.2017 as compared to Rs. 66.94 per US$ on 14.02.2017. The table below gives details in this regard:
|Particulars||Unit||Price on February 15, 2017 (Previous trading day i.e. 14.02.2017)||Pricing Fortnight for 16.02.2017
(Jan 28, 2017 to Feb 13, 2017
|Crude Oil (Indian Basket)||($/bbl)||54.49 (54.79)||54.67|
|Exchange Rate||(Rs/$)||66.92 (66.94)||67.37|
India’s economy and fiscal maths is sensitive to the fluctuations in global oil prices as the country imports 80% of its oil requirements. Creation of two new strategic crude oil storages that has been announced in the budget recently is a step that will eventually insulate India from the impact of high oil prices in times of any global crisis.
The two new facilities announced at Odisha and Rajasthan are in addition to the three facilities that already exist in the country as underground storages in rock caverns at Visakhapatnam (1.33 million tonnes), Mangalore (1.5 MT) andPadur (2.5 MT).