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Press Information Bureau
Government of India
Ministry of Petroleum & Natural Gas
03-September-2012 15:42 IST
Under-Recoveries Effective 01.09.2012 on Diesel, PDS Kerosene and Domestic LPG Rise Sharply
Crude Oil Price for Indian Basket Increases to US$ 111.84 Per BBL on 31.08.2012
‘20’

 

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 August 2012. Accordingly, the under-recovery on HSD (High Speed Diesel) applicable for 1st   fortnight of September effective 01.09.2012 has jumped to Rs 17.05/litre which is significantly higher than Rs 13.76/Litre during previous fortnight.   In case of PDS Kerosene and Domestic LPG the under-recoveries increased sharply to Rs 32.70/litre and Rs 347.00/cylinder respectively for September 2012 (Rs 28.54/Litre and Rs 231.00/cylinder respectively for the month of August 2012).

            Product-wise Under-recovery of Public Sector Oil Marketing Companies (OMCs);

Product

Unit

Under-recoveries effective 01 September  2012

(Effective 16.08.2012 to 31.08.2012)

Diesel

Rs/Litre

17.05     (13.76)

PDS Kerosene*

Rs/Litre

32.70    (28.54)

Domestic LPG*

Rs/Cylinder

347.00  (231.00)

* 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 September, 2012) incurring daily under-recovery of about Rs 551 crore on the sale of Diesel, PDS Kerosene and Domestic LPG.

 

Further, the OMC’s have reported the following under-recoveries during 2011-12: 

Product

Under Recovery (Rs/Crore)

 

 

2012-13

(April-June 2012)

2011-12

2010-11

Diesel

29,042

81,192

34,706

PDS Kerosene

7,274

27,352

19,484

Domestic LPG

11,495

29,997

21,772

Petrol

--

--

2,227**

Total

47,811

138,541

78,190

** Under-recoveries on petrol is only up to 25th June’10

 

3. Details of average International FOB price and Exchange rates are :

Particulars

Unit

Price on last trading day i.e., 31 August, 2012 (Previous trading day i.e.,30.08.2012)

Fortnight

August 16-31, 2012

(previous fortnight 1 - 15/08/ 2012)

Crude Oil (Indian Basket)

($/bbl)

111.84     (111.23)

112.39         (107.74)

(Rs /bbl)

6231.72    (6189.95)

6250.01      (5981.72)

Exchange Rate

(Rs/$)

55.72       ( 55.65)

55.61         (55.52)

 

RCJ – Under-recovery 03-09-2012