The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products during the 2nd Fortnight of November 2012. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for Ist fortnight of December effective 01.12.2012 has increased to Rs 10.03/Litre. This was Rs 9.06 per litre effective 16.11.2012 for 2nd fortnight of November 2012. In case of Domestic LPG the under-recovery for December 2012 has risen sharply to Rs 520.50/cylinder against Rs 478.50/ Cylinder for November 2012. The Under-recovery on PDS Kerosene too has remained at high level of Rs 30.93 per litre for December 2012, though slightly lower than Rs 31.30 per litre for November 2012
Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs);
*Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government. The under-recoveries on these products are computed on monthly basis.
OMCs are currently (effective 01 December 2012) incurring daily under-recovery of about Rs 420 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This was Rs 412 crore per day for the previous fortnight effective 16.11.2012.
Further, the OMC’s have reported the following under-recoveries during April-September 2012:
3. Details of average International FOB price and Exchange rates are:
Tuesday, December 4, 2012
OMCs Incurring Daily Under-Recoveries of Rs 420 Crore
Posted by Morgan at 10:30 AM