In news:
Periodically, the international crude oil price of Indian Basket is computed/published by the PPAC, which is under the Ministry of Petroleum and Natural Gas.
The mandate of PPAC is to assist the government in the following functions:
- Administration of subsidy on PDS Kerosene and domestic LPG and freight subsidy for far flung areas.
- Maintenance of information data bank and communication system to deal with emergencies and unforeseen situations.
- Analyzing the trends in the international oil market and domestic prices.
- Forecasting and evaluation of petroleum import and export trends.
- Operationalizing the sector specific surcharge schemes, if any.
Wisdom IAS 
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