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| PARLIAMENT
QUESTIONS AND ANSWERS ON PETROLEUM SECTOR |
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GOVERNMENT OF INDIA
MINISTRY OF PETROLEUM AND NATURAL GAS
LOK SABHA
UNSTARRED QUESTION NO 594
TO BE
ANSWERED ON 23.02.2006
PRICE OF PETROLEUM PRODUCTS
| SHRI RANEN BARMAN
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Will the Minister of PETROLEUM
AND NATURAL GAS be pleased to state:-
(a) whether petroleum prices have been witnessing
frequent and considerable increase in the
international market since some time past;
(b) if so, the details of trends of prices both in
terms of US Dollar and Euro as prevailed in the
international market during the last twelve months
and in January, 2006; and
(c) the details of on-going import contracts with
oil producing countries which are unaffected by the
escalation in price ?
ANSWER
MINISTER OF STATE IN THE MINISTRY OF PETROLEUM AND
NATURAL GAS (SHRI DINSHA PATEL)
(a): Yes, Sir.
(b): Trends in international prices during the last
twelve months including January, 2006, are given in
Annex.
(c): Oil companies enter into term contracts with
national oil companies of oil producing companies at
Official Selling Price (OSP). These contracts
provide only for assurance of supplies but the
prices are linked to variations in the international
market.
ANNEX
Trend in the international oil prices
Crude oil Petrol $/bbl Diesel $/bbl Kerosene $/bbl LPG $/MT
(Indian
Basket)$/bbl
Feb`05 42.58 53.70 50.09 52.24 369.20
Mar`05 49.27 58.72 59.83 63.74 380.00
Apr`05 49.43 60.23 61.36 69.00 416.80
May`05 47.02 53.37 56.45 61.09 421.80
June`05 52.72 58.38 65.61 66.98 394.80
July`05 55.01 63.43 66.89 67.75 399.80
Aug`05 60.03 72.52 68.09 73.42 403.60
Sept`05 59.74 78.93 71.78 75.70 438.2
Oct`05 56.28 67.91 67.97 71.33 517.0
Nov`05 53.31 59.48 57.69 60.91 547.0
Dec`05 55.05 59.90 60.23 66.99 536.00
Jan`06 60.61 65.42 64.95 72.85 581.00
Feb`06 60.12 63.26 62.45 73.38 625.00
(upto 14th)
Average 55.39 63.84 63.95 69.09 480.09
(Apr`05 to
14th Feb`06)
Percentage 137.6% 141.5% 174.8% 191.9% 147.5%
Increase in
international
prices in
April`05
to 14th Feb`06
Percentage - 63.8% 83.54% 0.78% 22.58%
Increase in
current retail
price over Mar`02
(Delhi retail
prices considered)
#At current conversion rate 1Euro = US$1.1926
The composition of Indian Basket of Crude represents
Average of Oman & Dubai for sour grades and
Brent (Dated) for sweet grade in the ratio of 58:42.
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