Business Daily from THE HINDU group of publications
Thursday, Oct 18, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Oct 18, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Petroleum Indian crude basket crosses $80 mark Our Bureau New Delhi, Oct. 17 The Indian crude basket on Tuesday crossed the $80-a-barrel mark, the highest for the current financial year due to the volatility in the international crude prices. The basket stood at $81.06 a barrel up from previous high of $78.88 a barrel recorded on Monday. As per data available the April to date (October 16) average of Indian basket stood at $70 a barrel, which is significantly higher than the previous year (April 2006-March 2007) average of $62.46 a barrel. The 16-day average for October stood at $76.54 a barrel. The lowest for the current financial year has been on May 7, when the basket stood at $62.90 a barrel. The highest which the Indian basket had touched last year was on August 8, 2006, at $75.20 a barrel. The Indian basket comprises total industry process of sweet (including indigenous) and sour crude oils and represents f.o.b. prices of average of Oman/Dubai crude oils for sour grade and Brent for sweet grade in the ratio of 59.8:40.2. This unprecedented movement in crude price would have a negative impact on the state-owned oil marketing companies’ profitability. Indian Oil Corporation was losing Rs 95 crore per day on sale of four petroleum products — kerosene, LPG, petrol and diesel. The under recovery on sale of petrol was at Rs 3.90 per litre and on diesel Rs 6.22 per litre. The revenue loss suffered for selling LPG and kerosene below the cost price stood at Rs 174 per cylinder and Rs 16 per litre, respectively. Crude oil prices continue to rule high, pushing $88 Indian crude basket hits $74.97 a barrel Indian crude basket touches new high Crude basket touches $69.28 More Stories on : Petroleum
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