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The per capita consumption of oil in the country was 0.13 Toe (Tonnes oil equivalent) against the world average of 0.58 Toe (Source; BP Statistical Review of World Energy June 2012), said Smt. Panabaaka Lakshmi, Minister of State for Petroleum & Natural Gas.

Oil consumption in India has also raised to 148 MMT during 2011-12 from 141 MMT in 2010-11, an increase of about 5%. The Minister said that the in order to tackle air pollution due to consumption of auto fuels, Government has already taken steps in terms of introduction and supply of BS IV fuels in 26 major cities (including National Capital Region) and BS II fuels in the rest of the country. Ministry has also decided to extend coverage of BS-IV fuels to 37 more cities by 2015.

Hong Kong Intervenes In Forex Again To Defend Dollar Peg

The Hong Kong Monetary Authority on Thursday sold HK$2.3 billion as the currency again hit the top end of the trading range.

The Hong Kong dollar is pegged at HK$7.80 to the U.S. dollar but can be traded between HK$7.75 and HK$7.85. The central bank intervenes when the currency reaches the strong end of the trading range.

Data released on Wednesday showed that overall foreign-currency deposits grew by 0.6 percent in September, while renminbi deposits in Hong Kong declined by 1.2 percent to CNY 545.7 billion.

MCX Commodity Updates

MCX COMMODITY UPDATES:- 

MCX Gold futures witnessed a decent recovery in afternoon trades as the global prices edged up above $1740 per ounce though the sentiments could remain depressed following worries over demand in the near term. The metal has been trading lower in the last few days and tested a one month low on COMEX yesterday as the downward correction extended further. Latest Chinese import figures reflect a mild softening in the demand from the world's largest consumer. COMEX Gold futures are quoting at $1742, up four dollars per ounce on the day.

Trade statistics released last week showed mainland Chinese imports of gold from Hong Kong slowed dramatically in August. Hong Kong shipments of the metal to mainland China for the month totaled 54 tons, a drop of 29% from the 76 tons shipped in July, according to data from the Hong Kong Census and Statistics Department. The yellow metal has witnessed a sizeable fall in last two sessions, shedding nearly 50 dollars per ounce amid a flurry of profit selling as the inability of the metal to break above $1800 per ounce levels had a depressing effect on the sentiments. The commodity normally follows risky assets and yesterday's massive jump in stock markets should have helped it.

Meanwhile, the US retail sales were boosted yesterday by the launch of iPhone 5 and registered 1 a rise of 1.1% in September. Equity markets were further helped on media reports that Spain is ready to make a formal request for aid, allowing the European Central Bank to buy its sovereign debt, but is delaying an announcement due to concern about the effect on other euro-zone members.

European equities edged mostly higher today and some buying has emerged in Gold as well. Euro also gained, breaking above 1.3000 levels against the US dollar. This has helped it gain some ground from its one-month low levels of $1728 per ounce and it would be interesting to see how the New York session pans out. The local MCX Gold futures broke under Rs 31000 per 10-gram mark yesterday and witnessed a steady recovery in tune with the global prices. The benchmark December contract on MCX is trading at Rs 30973, down Rs 4 per 10 grams on the day after testing a low of Rs 30862 per 10 grams earlier in the day.