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Press Information Bureau
Government of India
Ministry of Petroleum & Natural Gas
03-December-2012 17:44 IST
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 ofNovember 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);
Product | Unit | Under-recoveries effective December 01, 2012 (Effective 16.11.2012 to 30.11.2012) |
Diesel | Rs/Litre | 10.03 (9.06) |
PDS Kerosene* | Rs/Litre | 30.93 (31.30) |
Domestic LPG* | Rs/Cylinder | 520.50 (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 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:
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., 30 November, 2012 (Previous trading day of 29.11.2012) | Fortnight November)16-30, 2012 (previous fortnight 1 - 15/11/ 2012) |
Crude Oil (Indian Basket) | ($/bbl) | 109.51 (108.24) | 108.94 (106.69) |
(Rs /bbl) | 5971.58 (5974.85) | 6010.22(5797.53) | |
Exchange Rate | (Rs/$) | 54.53 (55.20) | 55.17 (54.34) |
RCJ/RKS – Under-recovery 03-12-2012
Fuel under-recovery: diesel, LPG and kerosene shortfalls drive substantial daily subsidy burden and adjusted pricing. Under-recovery increased effective 01.12.2012: High Speed Diesel Rs 10.03 per litre, Domestic LPG Rs 520.50 per cylinder, and PDS Kerosene Rs 30.93 per litre; specified government subsidies on PDS Kerosene and Domestic LPG are provided and under-recoveries are computed monthly. OMCs incurred an estimated daily under-recovery of about Rs 420 crore on diesel, PDS kerosene and domestic LPG, with cumulative product-wise under-recovery totals reported for April-September 2012 and international crude and exchange rate movements informing the calculations. of Press 'Enter' after typing page number.
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