The Hindu : Front Page : Crude oil price crosses $100 mark

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Wednesday, Mar 12, 2008
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Crude oil price crosses $100 mark

NEW DELHI: The price of imported crude oil has crossed a record $100 a barrel mark. — PTI

Sujay Mehdudia reports from New Delhi:

Indian basket touches $100

Alarm bells were ringing not only among the oil marketing companies (OMCs) but also in the Petroleum and Natural Gas Ministry over the sudden spurt in international crude oil prices with the Indian basket crossing the record $100 mark for the first time.

With the losses due to under recoveries touching nearly Rs. 360 crore a day for the OMCs, the sudden spurt in international crude oil prices have triggered of fears of another fuel price hike in the near future.

The OMCs are losing out heavily on the retail sale of petrol, diesel, LPG and kerosene. The Government had only last month revised the prices of petrol and diesel by Rs. 2 and Rs. 1, respectively.

Official sources said here on Tuesday that the price of the India basket of crude oil touched a record $100.17 a barrel on Monday.

Union Minister of State for Petroleum and Natural Gas Dinsha Patel informed Parliament on Tuesday that the Government was closely watching the whole situation and monitoring the international oil prices but would continue to protect the interests of consumers.

The surge in international oil prices has negated the gains oil companies made from the last month’s hike.

The Indian basket of crude oil has averaged $98.46 a barrel in March as against February average of $92.37 a barrel.

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