Power Ministry in consultation with BEE notifies price of per metric tonne of oil equivalent as Rs 18,402 for 2018-19

The Ministry of Power in consultation with the Bureau of Energy Efficiency (BEE) on January 6, 2021, notified the price of per metric tonne of oil equivalent as Rs 18,402 for 2018-19, vide G.S.R 779 (E) dated 14th December 2020.

For the succeeding target years, the price shall be such an amount as may be specified by the Central Government, by notification in the Official Gazette. Such price will come into force on the date of their publication in the Official Gazette.

The price of one metric tonne of oil equivalent discovered for the year 2018-2019 is based on the changes in corresponding energy mix due to addition of new sectors like Petroleum Refinery, Railways and Electricity Distribution companies under the Perform, Achieve and Trade Scheme and further streamlining of price calculation methodology.

BEE is a statutory body under the Ministry of Power. It assists in developing policies and strategies on energy conservation and efficiency with the primary objective of reducing the energy intensity of the Indian economy. BEE coordinates with designated consumers, designated agencies of the states, and other related organization to identify and utilize the existing resources and infrastructure, in performing the functions assigned to it under the Energy Conservation Act.