Business Daily from THE HINDU group of publications
Wednesday, Feb 14, 2007
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Business Daily from THE HINDU group of publications Wednesday, Feb 14, 2007 ePaper |
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Industry & Economy
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Petroleum Indian crude basket slips by $1.11 a barrel Our Bureau
Crude oil prices fell on Monday on reports that the Organisation of Petroleum Exporting Countries (OPEC) may not resort to further supply cuts. The Indian crude basket comprises Oman-Dubai sour grade crude and Brent dated sweet crude in 58:42 ratio. On Monday, Brent crude closed at $55.30 per barrel, down $1.98 from Friday. The Dubai benchmark fell by 50 pence to $56.07, while Oman was lower by 53 pence at $56.28. In January, the Indian basket had averaged $52.53 but February so far has seen a higher average of $56.13. Before taking a decision on revision in petroleum products prices, the Petroleum Ministry observes the average for a month and also sees whether the crude prices have stabilised or not, according to official sources. January 17 saw the basket touch its lowest since April 2006 at $49.85, while August 8 last year saw the basket touch its peak at $75.20. The Petroleum Minister, Mr Murli Deora, has said that the Ministry is seeking excise duty cut for diesel to address broader inflationary concerns. Mr Deora told newspersons that he has written to Prime Minister Dr Manmohan Singh and Finance Minister Mr P. Chidambaram, seeking excise duty cut of Re 1 a litre for diesel. As per the calculations of the Petroleum Ministry, this cut will bring down the retail cost of the fuel to Rs 30.11 a litre (in New Delhi) from the current selling price of Rs 31.25. Diesel is the main transportation fuel in the country and any increase in its retail price has a direct bearing on inflation.
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