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Our Bureau

New Delhi April 13 Upward movement in international crude price saw the country's crude basket go up by seven cents to $65.86 a barrel on Thursday.

The crude basket in April swung from a high of $66.26 on April 5 to a low of $64.94 on April 10.

The Indian basket comprises Oman-Dubai sour grade crude and Brent dated sweet crude in 58:42 ratio.

Brent crude on Thursday closed at $67.89, down two cents from Wednesday.

Dubai benchmark settled 10 cents higher at $64.25, while Oman benchmark closed at $64.73, up 16 cents.

With the northward movement in crude basket, the under-recoveries suffered by the State-owned oil marketing companies for selling petroleum products below cost price has also increased.

As on April 1, IOC was suffering an under-realisation of Rs 3.12 per litre on diesel and Rs 3.87 on petrol.

When crude had softened in the beginning of this year, the company's petrol sales had become positive and the under-recoveries on diesel had come down.

The Government had allowed a partial hike in the retail selling price of petrol and diesel in June last year, but with the softening of crude oil prices during the second half of last fiscal, the Government had reduced the prices of these two products in November 2006 and February 2007.

The under-realisation on sale of LPG stood at Rs 161.41 per cylinder as on April 1 and that of kerosene was Rs 13.79 per litre.

IOC was losing Rs 60 crore per day on the four petroleum products.

The average of Indian basket in April till date stood at $65.76, while the crude basket averaged $60.26 in March.

The first quarter average (January-March) for the current calendar was $56.50.

In the financial year gone by, the basket had averaged $62.46 compared to the previous year's average of $55.72.

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