Section 22 in The Cost Accounting Records (Petroleum Industry) Rules, 2002
22. Statistical Records. - (1) The records regarding available rig days, operation hours or plant hours and actual utilisation, as may be applicable shall be maintained for products or activities under reference. Suitable records for computation of idle time of rig, plants, American Petroleum Institute (API) gravity of crude oil, its Sulpher contents, storage capacity at various marketing installations etc. as may be applicable shall also be maintained and analysed.
(2)The adequate records shall be maintained to enable the company to identify the capital employed, net fixed assets and working capital separately for different products, activities and other products and other activities to the extent such elements are separately identifiable. Non-identifiable items shall be allocated on a suitable and reasonable basis to different products, activities and other products and other activities. Fresh investments on fixed assets that have not contributed to the production or processing of products or activities under reference during the relevant period shall be indicated in the cost records. The records shall, in addition, show assets added as replacement and those added for increasing existing capacity.(3)In the case of new major projects for product or activity referred to under rule 2, proper records shall be maintained indicating the funds raised from different sources, their utilisation, stage-wise cost incurred and progress of the project as per the project report. Cost and time over run shall also be analysed with reference to the cost of services or activity and profitability of the company.(4)Whenever WTO provisions are attracted, proper records shall be maintained to identify the competitiveness of the product in the domestic as well as global market. Adequate statistical records shall also be maintained to identify the market share of the product manufactured and the likely impact thereon on account of competitive goods imported into the country.
