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FEMA & RBI

Under-Recovery on Diesel Effective 16.11.2012 remains high at Rs 9.06 Per litre Under-recoveries for November on Domestic LPG Rs 478.50 per Cylinder and on PDS Kerosene Rs 31.30 per Litre OMCs Incurring Daily Under-Recoveries of Rs 412 Crore Daily Crude Oil Price for Indian Basket rises to US$ 107.91 per barrel on 15.11.2012

November 16, 2012

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Press Information Bureau

Government of India

Ministry of Petroleum & Natural Gas

16-November-2012 15:52 IST

The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas have reviewed international prices of crude oil and petroleum products during the Ist Fortnight of November 2012. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of November effective 16.11.2012 though slightly lower, remains high at Rs 09.06/Litre. In case of PDS Kerosene and Domestic LPG the under-recoveries effective for November 2012 are Rs 31.30/Litre and Rs 478.50/cylinder respectively.

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

Product

Unit

Under-recoveries effective November 16,  2012

(Effective 01.11.2012 to 15.11.2012)

Diesel

Rs/Litre

         9.06           (9.84)             

PDS Kerosene*

Rs/Litre

        31.30          (31.30)   

Domestic LPG*

Rs/Cylinder

     478.50       (478.50)

*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 16 November 2012) incurring daily under-recovery of about Rs 412 crore on the sale of Diesel, PDS Kerosene and Domestic LPG.

Further, the OMC’s have reported the following under-recoveries during April-September 2012:  

Product

Under Recovery (Rs/Crore)
 

2012-13 (April-September  2012)

2011-12

2010-11

Diesel

52,711

81,192

34,706

PDS Kerosene

14,331

27,352

19,484

Domestic LPG

18,544

29,997

21,772

Petrol

--

--

2,227

Total

85,586

138,541

78,190

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

Particulars

Unit

Price on last trading day i.e., 15 November, 2012 (Previous trading day of 14.11.2012)

Fortnight November)01-15, 2012 (previous fortnight 16 - 31/10/ 2012)

Crude Oil (Indian Basket)

($/bbl)

              107.91        (106.75)

                  106.69   (109.01)        

(Rs /bbl)

            5930.73      (5863.78)

                5797.53 (5834.22)       

Exchange Rate

(Rs/$)

                54.96          (54.93)                 

                    54.34     (53.52)             

RCJ/RKS – Under-recovery 16-11-2012

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Acts Income Tax
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