Business Daily from THE HINDU group of publications
Thursday, Jan 18, 2007
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Business Daily from THE HINDU group of publications Thursday, Jan 18, 2007 ePaper |
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Petroleum Industry & Economy - Petroleum Indian crude basket at $50.60 Our Bureau
New Delhi , Jan 17 The Indian crude basket on Tuesday went down by 82 cents to $50.60 a barrel from $51.42 a day earlier. This was, however, higher than the lowest touched on January 12 when it stood at $50.47. The Indian basket comprises Oman-Dubai sour grade crude and Brent dated sweet crude in 58:42 ratio. On Tuesday, Brent crude closed at $50.86. The Dubai benchmark was down 36 cents to $50.22, while Oman fell by 38 cents to $50.62. In the wake of easing crude prices, the Government has said that it would review petrol and diesel prices at the end of the current month. On Wednesday Brent plunged to $50.75 before moving up to $51.18 at 2:06 p.m. GMT. Industry sources said that it is not necessary that the Indian crude basket will decline whenever Brent dips, as there have been instances when the Dubai benchmark was higher than Brent. The Petroleum Ministry has been maintaining that fall in international crude prices is of much relief and that it is closely monitoring the situation. The January till date average basket stood at $52.77. The December till date average stood at $57.59, while the December average of the Indian basket stood at $60.35.
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