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Press Information Bureau
Government of India
Ministry of Petroleum & Natural Gas
16-January-2013 16:16 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 ofJanuary 2013. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of January effective 16.01.2013 has increased to Rs 9.60 /Litre. This was Rs 9.03 per litre effective 01.01.2013 for 1st fortnight of January 2013. In case of Domestic LPG and PDS Kerosene the under-recoveries for January 2013 (effective 1.1.2013) are Rs 490.50/Cylinder and Rs 30.64 per litre respectively. The under-recovery on Domestic LPG and PDS Kerosene is computed on monthly basis.
Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs);
Product | Unit | Under-recoveries effective January 16, 2013 (Effective 01.01.2013 to 15.01.2013) |
Diesel | Rs/Litre | 9.60 (9.03) |
PDS Kerosene* | Rs/Litre | 30.64 (30.64) |
Domestic LPG* | Rs/Cylinder | 490.50 (490.50) |
*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 January 2013) incurring daily under-recovery of about Rs 384 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This was Rs 389 crore per day for the previous fortnight effective 1.01.2013.
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 crude oil price and Exchange rates are:
Particulars | Unit | Price on last trading day i.e., 15 January, 2013 (Previous trading day of 14.01.2013) | Fortnight January 01-15, 2013(previous fortnight 16 - 31/12/ 2012) |
Crude Oil (Indian Basket) | ($/bbl) | 108.76 (108.25) | 109.08 (107.76) |
(Rs/bbl) | 5931.77 (5914.78) | 5969.95 (5912.79) | |
Exchange Rate | (Rs/$) | 54.54 (54.64) | 54.73 (54.87) |
RCJ/RKS – Under-recovery 16-01-2013
Under-recovery on diesel increases, raising OMC daily fiscal burden and reflecting higher international crude prices. The PPAC increased the under-recovery on High Speed Diesel effective 16 January 2013 to Rs 9.60 per litre, raising OMCs' combined daily under recovery on Diesel, PDS Kerosene and Domestic LPG to about Rs 384 crore; Domestic LPG and PDS Kerosene under recoveries are computed monthly and receive separate government per unit subsidy support. The adjustment reflects reviewed international crude prices and exchange rates provided alongside the fortnightly computation. of Press 'Enter' after typing page number.
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