Team Energy InfraPost
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$ 55.82 per barrel (bbl) on 03.02.2017. This was higher than the price of US$ 55.49 per bbl on previous publishing day of 02.02.2017.
In rupee terms, the price of Indian Basket increased to Rs. 3761.56 per bbl on 03.02.2017 as compared to Rs. 3742.44 per bbl on 02.02.2017. Rupee closed stronger at Rs. 67.38 per US$ on 03.02.2017 as compared to Rs. 67.45 per US$ on 02.02.2017. The table below gives details in this regard:
|Particulars||Unit||Price on February 03, 2017 (Previous trading day i.e. 02.02.2017)||Pricing Fortnight for 01.02.2017
(Jan 12, 2017 to Jan 27, 2017)
|Crude Oil (Indian Basket)||($/bbl)||55.82 (55.49)||54.03|
|Exchange Rate||(Rs/$)||67.38 (67.45)||68.12|
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).