Tuesday, June 26, 2012
Crude Oil Price of Indian Basket below 90$
The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas marginally increased to US$ 89.39 /barrel (bbl) on 25.6.2012.The price was higher than US$ 89.19 /bbl on the previous trading day of 22.6.2012.
In rupee terms lower, the crude oil price declined to Rs 5053.22 per bbl on 25.06.2012 from Rs 5082.94 per bbl on 22.06.2012. This was due to decrease in rupee appreciation with rupee-dollar exchange rate on 25.06.2012 at Rs 56.53 /US$ against Rs 56.99/US$ on 22.06.2012.
Monday, June 11, 2012
International Crude Oil Price of Indian Basket Decreases
The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas declined by over two dollars to US$ 96.24/barrel (bbl) on8.6.2012.The price was US$ 98.37/bbl, on the previous trading day of 7.6.2012.
In rupee terms also, the crude oil price decreased to Rs 5327.85 on 08.06.2012 from Rs 5425.11 per bbl on 07.06.2012. This was due to fall in the price in dollar terms. The gains were slightly moderated by rupee depreciation with rupee-dollar exchange rate on 08.06.2012 at Rs 55.36 /US$ against Rs 55.15/US$ on 7.06.2012.
Thursday, June 7, 2012
International Crude oil Price of Indian Basket Marginally Rises to US$ 98.59/BBL
The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas slightly increase to US$ 98.59/barrel (bbl) on 6.6.2012.This was higher than US$ 98.49/bbl, on the trading day’s figures 5.6.2012.
In rupee terms, however, the crude oil price was a fraction lower at Rs 5471.75 on 06.06.2012 as compared to Rs 5472.10 per bbl on 05.06.2012. This was due to decrease rupee appreciation with rupee-dollar exchange rate on 05.06.2012 at Rs 55.50/US$ against Rs 55.56/US$ on 5.06.2012.
In rupee terms, however, the crude oil price was a fraction lower at Rs 5471.75 on 06.06.2012 as compared to Rs 5472.10 per bbl on 05.06.2012. This was due to decrease rupee appreciation with rupee-dollar exchange rate on 05.06.2012 at Rs 55.50/US$ against Rs 55.56/US$ on 5.06.2012.
Foreign Tourist Arrivals and Foreign Exchange Earnings in May 2012
Foreign Tourist Arrivals (FTAs) during the Month of May, 2012 was 3.72 lakh as compared to FTAs of 3.55 lakh during the month of May, 2011 and 3.32 lakh in May, 2010. There has been a growth of 4.6% in May 2012 over May 2011 as compared to a growth of 3.3% registered in April 2012 over April 2011. FTAs during the period January- May 2012 were 28.05 lakh with a growth of 7.8% as compared to the FTAs of 26.02 lakh with a growth of 11.4% during January- May 2011 over the corresponding period of 2010.
Foreign Exchange Earnings (FEE) during the month of May 2012 were Rs. 5562 crore as compared to Rs. 5047 crore in May 2011 and Rs 4358 crore in May 2010. The growth rate in FEE in rupee terms in May 2012 over May 2011 were 10.2% as compared to 15.8.% in May 2011 over May 2010. FEE from tourism in rupee terms during January- May 2012 were 37275 crore with a growth of 25.4% as compared to the FEE of 29723 crore with a growth of 11.6% during January- May 2011 over the corresponding period of 2010.
FEE in US$ terms during the month of May 2012 were US$ 1023 million as compared to FEE of US$ 1124 million during the month of May 2011 and US$ 951 million in May 2010. The growth rate in FEE in US$ terms in May 2012 over May 2011 was -9% as compared to the growth of 18.2% in May 2011 over May 2010. This decline was partly due to depreciated value of Indian Rupee in May 2012 as compared to May 2011. FEE from Tourism in terms of US$ during January- May 2011 were US$ 7297 million with a growth of 10.6%, as compared to US$ 6598 million with a growth of 13.3% during January- May 2011 over the corresponding period of 2010.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) and Foreign Exchange Earnings (FEE) from tourism on the basis of data received from major airports.
Foreign Exchange Earnings (FEE) during the month of May 2012 were Rs. 5562 crore as compared to Rs. 5047 crore in May 2011 and Rs 4358 crore in May 2010. The growth rate in FEE in rupee terms in May 2012 over May 2011 were 10.2% as compared to 15.8.% in May 2011 over May 2010. FEE from tourism in rupee terms during January- May 2012 were 37275 crore with a growth of 25.4% as compared to the FEE of 29723 crore with a growth of 11.6% during January- May 2011 over the corresponding period of 2010.
FEE in US$ terms during the month of May 2012 were US$ 1023 million as compared to FEE of US$ 1124 million during the month of May 2011 and US$ 951 million in May 2010. The growth rate in FEE in US$ terms in May 2012 over May 2011 was -9% as compared to the growth of 18.2% in May 2011 over May 2010. This decline was partly due to depreciated value of Indian Rupee in May 2012 as compared to May 2011. FEE from Tourism in terms of US$ during January- May 2011 were US$ 7297 million with a growth of 10.6%, as compared to US$ 6598 million with a growth of 13.3% during January- May 2011 over the corresponding period of 2010.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) and Foreign Exchange Earnings (FEE) from tourism on the basis of data received from major airports.
Wednesday, June 6, 2012
Latest International Crude oil Price of Indian Basket
The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has been taken at the same rate as recorded on 04.06.2012 which was US$ 98.49/barrel (bbl).
In rupee terms, however, the crude oil price was marginally higher at Rs 5472.10 on 05.06.2012 as compared to Rs 5468.16 per bbl on 04.06.2012. This was due to increased rupee depreciation with rupee-dollar exchange rate on 05.06.2012 at Rs 55.56/US$ against Rs 55.52//US$ on 4.06.2012.
In rupee terms, however, the crude oil price was marginally higher at Rs 5472.10 on 05.06.2012 as compared to Rs 5468.16 per bbl on 04.06.2012. This was due to increased rupee depreciation with rupee-dollar exchange rate on 05.06.2012 at Rs 55.56/US$ against Rs 55.52//US$ on 4.06.2012.
Railway Revenue Earnings up by 19.88 Per Cent During April- May 2012
The total approximate earnings of Indian Railways on originating basis during 1st April - 31st May 2012 were Rs. 19878.89 crore compared to Rs. 16581.96 crore during the same period last year, registering an increase of 19.88 per cent.
The total goods earnings have gone up from Rs. 11337.52 crore during 1st April - 31st May 2011 to Rs. 14150.01 crore during 1st April - 31st May 2012, an increase of 24.81 per cent.
The total passenger revenue earnings during first two months of the financial year 2012-13 were Rs. 4940.02 crore compared to Rs. 4553.00 crore during the same period last year, registering an increase of 8.50 per cent.
The revenue earnings from other coaching amounted to Rs. 505.10 crore during April-May 2012 compared to Rs. 470.66 crore during the same period last year, an increase of 7.32 per cent.
The total approximate number of passengers booked during April-May 2012 were 1380.73 million compared to 1336.25 million during the same period last year, showing an increase of 3.33 per cent. In the suburban and non-suburban sectors, the number of passengers booked during April-May 2012 were 700.38 million and 680.35 million compared to 687.29 million and 594.67 million during the same period last year, showing an increase of 1.90 per cent and 4.84 per cent respectively.
The total goods earnings have gone up from Rs. 11337.52 crore during 1st April - 31st May 2011 to Rs. 14150.01 crore during 1st April - 31st May 2012, an increase of 24.81 per cent.
The total passenger revenue earnings during first two months of the financial year 2012-13 were Rs. 4940.02 crore compared to Rs. 4553.00 crore during the same period last year, registering an increase of 8.50 per cent.
The revenue earnings from other coaching amounted to Rs. 505.10 crore during April-May 2012 compared to Rs. 470.66 crore during the same period last year, an increase of 7.32 per cent.
The total approximate number of passengers booked during April-May 2012 were 1380.73 million compared to 1336.25 million during the same period last year, showing an increase of 3.33 per cent. In the suburban and non-suburban sectors, the number of passengers booked during April-May 2012 were 700.38 million and 680.35 million compared to 687.29 million and 594.67 million during the same period last year, showing an increase of 1.90 per cent and 4.84 per cent respectively.
Monday, June 4, 2012
Indian crude oil basket price fall to US$ 98.49/BBL
The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas decreases to US$ 98.49/barrel (bbl) on 01.06.2012. This was lower than US$ 101.63 /bbl, on the previous trading day’s figures of 31.06.2012.
In rupee terms, however, the crude oil price registered fall went up to Rs 5507.56 on 01.06.2012 from Rs 5733.96 per bbl on 31.05.2012. This was due to decline in crude oil price in dollar terms, though rupee-dollar exchange rate appreciation on 01.06.2012 at Rs 55.92/US$ against Rs 56.42//US$ on 31.05.2012.
The table below gives details in this regard:
Particulars
|
Unit
|
Price on 01 June, 2012 (previous trading day
i.e.31.5.2012)
|
Last Fortnight
May 16-31, 2012
(previous fortnight
May 1-15, 2012)
|
Crude Oil (Indian Basket)
|
($/bbl)
|
98.49 (101.63)
|
105.57 (111.15)
|
(Rs/bbl)
|
5507.56 (5733.96)
|
5844.36 (5957.89)
| |
Exchange Rate
|
(Rs/$)
|
55.92 (56.42)
|
55.36 (53.41)
|
Saturday, June 2, 2012
Crude Oil Price for Indian Basket Falls to US$ 101.63 , but Under-Recoveries Remain High on Diesel, PDS Kerosene and Domestic LPG
The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas have reviewed international prices of crude oil and petroleum products during the last fortnight of May 2012. Accordingly, the under-recovery on HSD (High Speed Diesel) applicable for 1st fortnight of June effective 1.06.2012 was marginally lower at Rs 12.53/litre than Rs 13.64/Litre effective May 16, 2012. In case of PDS Kerosene and Domestic LPG the under-recoveries decreased to Rs 30.53/Litre and Rs 396.00/cylinder respectively from Rs 31.49/Litre for PDS, Kerosene and Rs 480.50/Cylinder forDomestic LPG effective 01.05.2012. The under-recoveries are computed on monthly basis in respect of PDS Kerosene and Domestic LPG. The overall impact of the prices prevailing at the fortnight ending on 31/5/2012 is provided in below:
2. Product-wise Under-recovery of Public Sector Oil Marketing Companies (OMCs);
|
Product |
Unit |
Under-recoveries effective 1st June 2012 (Effective 16.5.2012 to 31.5.2012) |
|
Diesel |
Rs/Litre |
12.53 (13.64) |
|
PDS Kerosene* |
Rs/Litre |
30.53 (31.49) |
|
Domestic LPG* |
Rs/Cylinder |
396.00 (480.50) |
* Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government.
OMCs are currently (effective 1st June, 2012) incurring daily under-recovery of about Rs 457 crore on the sale of Diesel, PDS Kerosene and Domestic LPG.
The OMC’s have reported the following under-recoveries during 2011-12:
|
Product |
Under Recovery (Rs/Crore)
|
||
|
|
2011-12 |
April-December 2011 |
2010-11 |
|
Diesel |
81,192 |
56,732 |
34,706 |
|
PDS Kerosene |
27,352 |
20,065 |
19,484 |
|
Domestic LPG |
29,997 |
20,516 |
21,772 |
|
Petrol |
-- |
-- |
2,227** |
|
Total |
138,541 |
97,313 |
78,190 |
** Under-recoveries on petrol is only up to 25th June’10
3. Average International FOB price and Exchange rates:
|
Particulars |
Unit |
Price on last trading day i.e., 31 May, 2012(Previous trading day i.e.,30.05.2012) |
Fortnight May 16-31, 2012 (previous fortnight 01 - 15/05/ 2012) |
|
Crude Oil (Indian Basket) |
($/bbl) |
101.63 (103.47) |
105.57 (111.55) |
|
(Rs /bbl) |
5733.96 (5795.35) |
5844.36 (5957.89) |
|
|
Exchange Rate |
(Rs/$) |
56.42 (56.01) |
55.36 (53.41) |
Friday, June 1, 2012
German manufacturing shrinks fastest for 3 years
Germany's manufacturing sector contracted at the fastest pace for almost three years in May, albeit more slowly than initially thought, as flagging demand from the euro zone and further afield challenges the country's resilience to the debt crisis.
Markit's manufacturing Purchasing Managers' Index (PMI) fell to 45.2 in May from 46.2 in April, but was just above a preliminary estimate of 45.0, final data showed on Friday.
The figure marked the fastest decline in the sector since June 2009.
"Germany’s manufacturing output continued to lurch downwards in May, with the resilience of the first quarter now giving way to the steepest drop in production levels for almost three years," Markit's Tim Moore said in a statement.
Germany's "Teflon economy" has so far defied the euro zone debt crisis, growing 0.5 percent during the first quarter of 2012 after a weak final quarter last year, and pulling the euro zone back from the brink of recession in the first quarter.
Europe's largest economy has so far been able to resist a period of weak euro zone demand, offset by that from markets in Asia and the United States. But as exports to Asia begin to slow down and the euro zone looks set to contract in the second quarter, it seems the crisis is beginning to hit home.
The new business index fell sharply to 43.8 in May from 44.9 a month earlier, contracting for the 11th month in a row and new export orders declined at the fastest rate since November 2011.
"Weaker global economic conditions resulted in shrinking order inflows, especially from export markets. The latest drop in new work from abroad was the fastest for six months, which manufacturers linked to softer demand within Europe and signs of a slowdown in Asia," Moore said.
Both the Ifo business sentiment survey and the ZEW survey tracking investor and analyst sentiment slumped in May, as political uncertainty in the euro zone took its toll on confidence. [ID:nL5E8GO3J4]
But the GfK consumer sentiment survey has resisted bad news from the euro zone so far and remained steady heading into June, in a sign that private consumption may help to support the economy through difficult times. [ID:nL5E8GO7B9]
German retail sales rose more than expected in April on a monthly basis, up 0.6 percent in real terms, preliminary data showed on Thursday, and Germany's unemployment rate eased further in May although there were signs of the decline losing some momentum. [ID:nL5E8GV4HK]
Employment levels in the manufacturing sector declined for the second month running, and the sub-index contracted at the fastest pace since February 2010. However, the rate of job shedding was relatively modest, Markit said.
Markit's manufacturing Purchasing Managers' Index (PMI) fell to 45.2 in May from 46.2 in April, but was just above a preliminary estimate of 45.0, final data showed on Friday.
The figure marked the fastest decline in the sector since June 2009.
"Germany’s manufacturing output continued to lurch downwards in May, with the resilience of the first quarter now giving way to the steepest drop in production levels for almost three years," Markit's Tim Moore said in a statement.
Germany's "Teflon economy" has so far defied the euro zone debt crisis, growing 0.5 percent during the first quarter of 2012 after a weak final quarter last year, and pulling the euro zone back from the brink of recession in the first quarter.
Europe's largest economy has so far been able to resist a period of weak euro zone demand, offset by that from markets in Asia and the United States. But as exports to Asia begin to slow down and the euro zone looks set to contract in the second quarter, it seems the crisis is beginning to hit home.
The new business index fell sharply to 43.8 in May from 44.9 a month earlier, contracting for the 11th month in a row and new export orders declined at the fastest rate since November 2011.
"Weaker global economic conditions resulted in shrinking order inflows, especially from export markets. The latest drop in new work from abroad was the fastest for six months, which manufacturers linked to softer demand within Europe and signs of a slowdown in Asia," Moore said.
Both the Ifo business sentiment survey and the ZEW survey tracking investor and analyst sentiment slumped in May, as political uncertainty in the euro zone took its toll on confidence. [ID:nL5E8GO3J4]
But the GfK consumer sentiment survey has resisted bad news from the euro zone so far and remained steady heading into June, in a sign that private consumption may help to support the economy through difficult times. [ID:nL5E8GO7B9]
German retail sales rose more than expected in April on a monthly basis, up 0.6 percent in real terms, preliminary data showed on Thursday, and Germany's unemployment rate eased further in May although there were signs of the decline losing some momentum. [ID:nL5E8GV4HK]
Employment levels in the manufacturing sector declined for the second month running, and the sub-index contracted at the fastest pace since February 2010. However, the rate of job shedding was relatively modest, Markit said.
ECB, EU officials warn euro's survival at risk
The European Central Bank stepped up pressure on Thursday for a joint guarantee on bank deposits across the euro zone, saying Europe needed new tools to fight bank runs as the bloc's debt crisis drives investors to flee risk.
The European Commission's top economic official, Olli Rehn, warned that the single currency area could disintegrate without stronger crisis-fighting mechanisms and tough fiscal discipline.
The twin warnings came as worries about Spain's banks and Greece's survival in the euro area pushed the euroto a two-year low against the dollar and hastened a rush into safe-haven assets such as Austrian and French bonds, whose 10-year yields hit a euro-era low. [MKTS/GLOB]
Spaniards alarmed by the dire state of their banks moved money abroad in March at a faster rate than at any time since records began in 1990, official figures showed.
The 66.2 billion euros ($82.0 billion) net capital flight occurred before the nationalisation of Spain's fourth biggest lender, Bankia , in May due to massive losses from a burst property bubble. [ID:nL5E8GV1TO]
The head of the International Monetary Fund met Spain's deputy prime minister on Thursday and later denied a media report that the IMF was considering contingency plans for a Spanish bailout.
"There is no such plan. We have not received any request to that effect and we are not doing any work in relation to any financial support," IMF Managing Director Christine Lagarde said in a statement after the talks.
Irish voters seemed set to approve in a referendum a European budget discipline treaty vital to continue receiving EU aid. But the outcome of a second Greek general election on June 17, seen as crucial for Athens' future in the currency zone, is too close to call. [ID:nL5E8GV1IS] [ID:nA8E8GD01]
Surveys published on Friday showed Greece's pro-bailout New Democracy party with a lead of more than two points over the SYRIZA leftists. [ID:nL5E8GVHBO]
ECB President Mario Draghi urged Europe's leaders to clarify their vision for the single currency quickly, warning the European Parliament that the central bank could not fill the policy vacuum. [ID:nL5E8GV4J7]
"We will avoid bank runs from solvent banks. Depositors' money will be protected if we build this European guaranteed deposit fund. This will assure that depositors will be protected," Draghi said, calling for an EU-wide banking supervision and resolution system.
EU paymaster Germany, reluctant to risk more of its own taxpayers' money in support of euro zone partners, has so far rejected any such joint deposit guarantee.
Chancellor Angela Merkel refrained from comment on calls for a banking union but said Europe should be ready to consider all options to stem its sovereign debt crisis.
"There are integration steps which will require treaty changes. We are not at that stage today but nevertheless there are no taboos," she told a news conference in the Baltic town of Stralsund.
Another top ECB official, executive board member Joerg Asmussen, said in Frankfurt that the 25 or so most important banks in the euro area should be supervised by a supranational watchdog rather than just national authorities. [ID:nL5E8GVCZ7]
Draghi, testifying before EU lawmakers, said the financial crisis had "heightened risk aversion in a dramatic way.
"I urge all governments to keep this in mind, because it is better to err by too much in the very beginning rather than by too little," he said, citing the repeated failure of national regulators to correctly assess the needs of failed Franco-Belgian bank Dexia and Spain's Bankia.
The European Commission's top economic official, Olli Rehn, warned that the single currency area could disintegrate without stronger crisis-fighting mechanisms and tough fiscal discipline.
The twin warnings came as worries about Spain's banks and Greece's survival in the euro area pushed the euro
Spaniards alarmed by the dire state of their banks moved money abroad in March at a faster rate than at any time since records began in 1990, official figures showed.
The 66.2 billion euros ($82.0 billion) net capital flight occurred before the nationalisation of Spain's fourth biggest lender, Bankia , in May due to massive losses from a burst property bubble. [ID:nL5E8GV1TO]
The head of the International Monetary Fund met Spain's deputy prime minister on Thursday and later denied a media report that the IMF was considering contingency plans for a Spanish bailout.
"There is no such plan. We have not received any request to that effect and we are not doing any work in relation to any financial support," IMF Managing Director Christine Lagarde said in a statement after the talks.
Irish voters seemed set to approve in a referendum a European budget discipline treaty vital to continue receiving EU aid. But the outcome of a second Greek general election on June 17, seen as crucial for Athens' future in the currency zone, is too close to call. [ID:nL5E8GV1IS] [ID:nA8E8GD01]
Surveys published on Friday showed Greece's pro-bailout New Democracy party with a lead of more than two points over the SYRIZA leftists. [ID:nL5E8GVHBO]
ECB President Mario Draghi urged Europe's leaders to clarify their vision for the single currency quickly, warning the European Parliament that the central bank could not fill the policy vacuum. [ID:nL5E8GV4J7]
"We will avoid bank runs from solvent banks. Depositors' money will be protected if we build this European guaranteed deposit fund. This will assure that depositors will be protected," Draghi said, calling for an EU-wide banking supervision and resolution system.
EU paymaster Germany, reluctant to risk more of its own taxpayers' money in support of euro zone partners, has so far rejected any such joint deposit guarantee.
Chancellor Angela Merkel refrained from comment on calls for a banking union but said Europe should be ready to consider all options to stem its sovereign debt crisis.
"There are integration steps which will require treaty changes. We are not at that stage today but nevertheless there are no taboos," she told a news conference in the Baltic town of Stralsund.
Another top ECB official, executive board member Joerg Asmussen, said in Frankfurt that the 25 or so most important banks in the euro area should be supervised by a supranational watchdog rather than just national authorities. [ID:nL5E8GVCZ7]
Draghi, testifying before EU lawmakers, said the financial crisis had "heightened risk aversion in a dramatic way.
"I urge all governments to keep this in mind, because it is better to err by too much in the very beginning rather than by too little," he said, citing the repeated failure of national regulators to correctly assess the needs of failed Franco-Belgian bank Dexia and Spain's Bankia.
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