Press Information Bureau
Government of India
Ministry of Petroleum & Natural Gas
01-January-2013 16:18 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 ofDecember 2012. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for Ist fortnight of December effective 01.01.2013 has decreased to Rs 9.03 /Litre. This was Rs 9.28 per litre effective 01.12.2012 for 2nd fortnight of December 2012. In case of Domestic LPG the under-recovery for January 2012 is no change i.e. to Rs 490.50 cylinder for January 2013. The Under-recovery on PDS Kerosene too has remained at same level of Rs 30.64 per litre for January 2012.
Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs);
Product | Unit | Under-recoveries effective January 01, 2012 (Effective 16.12.2012 to 31.12.2012) |
Diesel | Rs/Litre | 9.03 (9.28) |
PDS Kerosene* | Rs/Litre | 30.64 (30.93) |
Domestic LPG* | Rs/Cylinder | 490.50 (520.50) |
*Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs22.58/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 January 2013) incurring daily under-recovery of about Rs 389 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This was Rs 420 crore per day for the previous fortnight effective 16.12.2012.
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., 31 December, 2012 (Previous trading day of 28.12.2012) | FortnightDecember)16-31, 2012 (previous fortnight 01 - 15/12/ 2012) |
Crude Oil (Indian Basket) | ($/bbl) | 108.46 (108.55) | 107.76 (106.85) |
(Rs/bbl) | 5941.44 (5953.97) | 5912.79 (5815.85) |
Exchange Rate | (Rs/$) | 54.78 (54.85) | 54.87 (54.43) |
RCJ/RKS – Under-recovery 01-01-2013
Under-recovery on diesel declines while LPG and kerosene remain unchanged, leaving oil-marketers with continued daily shortfalls. Under-recovery on High Speed Diesel decreased to Rs 9.03 per litre effective 01.01.2013 while Domestic LPG and PDS Kerosene under-recoveries remained at Rs 490.50 per cylinder and Rs 30.64 per litre respectively; the Government provides additional subsidies on LPG and PDS Kerosene and under-recoveries are computed monthly. OMCs reported a daily under-recovery of about Rs 389 crore; international benchmarks cited include an Indian-basket crude price near US$ 108.46 per barrel and an exchange rate about Rs 54.78 per US dollar.
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