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        FEMA & RBI

        International Price of Crude Oil - Indian Basket crosses $ 125 per BBL Markon 08.3.2012

        March 9, 2012

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        Press Information Bureau

        Government of India

        Ministry of Petroleum & Natural Gas

        09-March-2012 17:23 IST

        The international crude oil prices for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has jumped to US$ 125.15 per barrel (bbl). The price, computed and published by PPAC on their website is based on last trading day’s figures of 08.03.2012. The price last computed/ published on 07.3.2012 based on trading figures of 7.3.2012, was US$ 122.95 per bbl.

        In rupee terms also, the crude oil price was higher today at Rs 6328.54  against Rs 6151.19    per bbl published on 06.3.2012, due to crude oil price increase and  rupee depreciation with rupee/dollar exchange rate at  Rs 50.57*/US$ on 08.03.2012 against Rs 50.03/US$ on  06.3.2012.

        The table below gives details in this regard:

        Particulars

        Unit

        Price on 08 March, 2012 (previous trading day i.e. 06.3.2012)

        Fortnight Feb.16-29, 2012 (previous fortnight )

        Crude Oil (Indian Basket)

        ($/bbl)

          125.15        (122.95)                                                                                                                                                                                                                          

          120.99      (114. 64)          

        (Rs/bbl)

        6328.54      (6151.19)                                                                                                                                                                                              

        5943.61   (5,639. 14)    

        Exchange Rate

        (Rs/$)

            50.57*        (50.03)                                                                                                                                                                                                                     

            49.12        (49.19)                   

        *Exchange rate is as of 7th March 2012

        RCJ/RKS –Daily Crude oil price- 09-03-2012

        International crude oil price rise signals higher import bill and upward pressure on domestic fuel costs amid rupee depreciation. The Petroleum Planning and Analysis Cell published that the international crude oil price for the Indian Basket rose to US$ 125.15 per barrel on 08 March 2012, and that rupee denominated prices increased due to both higher crude quotes and rupee depreciation, with comparative figures for the prior trading day and prior fortnight illustrating short term volatility and upward pressure on import costs and domestic fuel prices.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                International crude oil price rise signals higher import bill and upward pressure on domestic fuel costs amid rupee depreciation.

                                The Petroleum Planning and Analysis Cell published that the international crude oil price for the Indian Basket rose to US$ 125.15 per barrel on 08 March 2012, and that rupee denominated prices increased due to both higher crude quotes and rupee depreciation, with comparative figures for the prior trading day and prior fortnight illustrating short term volatility and upward pressure on import costs and domestic fuel prices.


                                Note: It is a system-generated summary and is for quick reference only.
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