Exponential rise in fuel price rise-3

The union ministry for Petroleum and Natural gas is drawing up a road map to ensure country's self-reliance in fossil fuel and natural gas. while India for now imports up-to 80% of its crude oil needs, the road map seeks to reduce this by further 30-40% over the next three to five years, its minister M Verappa Moily said. Non-oil imports during April - October, 2012-13 were valued at $ 181566.5 million which was 8.2% lower than the level of such imports valued at $ 197833.6 million in April - October, 2011-12. The oil price was higher by $ 0.49 per barrel on 9.11.2012 as compared to $105.60 per barrel on the previous trading day's figures of 8.11.2012. The international crude oil price for Indian Basket as computed by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas increased to $ 106.09 per barrel (bbl) on 9.11.2012. In rupee terms also, crude oil price went up marginally to Rs 5764.93 per barrel on 09.11.2012 as compared to Rs 5748.86 per barrel on 08.11.2012, said a government statement on 12^th November, 2012. This oil rise was due to rise in price in dollar terms though rupee appreciation moderated the increase in price in rupee terms.