Under-Recovery on Diesel effective 1.5.2013 declines sharply to Rs 3.80 per litre

OMCs incurring Daily Under-Recovery of Rs 256 Crore

Under-recoveries on Domestic LPG and PDS Kerosene lower at Rs 378.38 per cylinder & Rs. 27.93 per litre respectively

Total Under-Recoveries during 2012-13 significantly higher at Rs 1,61,029 crore

Daily Crude Oil Price for Indian Basket declines to US$ 101.34/bbl on 30 April, 2013

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 2nd Fortnight of April 2013. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 1st fortnight of May effective 01.05.2013 has declined to Rs 3.80/litre. This was Rs 6.42 per litre during 2nd   fortnight of April 2013 w.e.f. 16.4.20. In the case of PDS Kerosene and Domestic LPG, under-recoveries for the month of May 2013 fall to 13 Rs 27.93 per litre and Rs 378.38 per cylinder respectively.

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

Product Unit Under-recoveries effective May 1,  2013

( Previous fortnight effective April 16, 2013)

Diesel Rs/Litre                  3.80        (6.42)
PDS Kerosene* Rs/Litre                 27.93       (30.49)
Domestic LPG* Rs/Cylinder              378.38    (434.52)

*Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government.

OMCs   effective 1 May 2013, are incurring daily under-recovery of about Rs 256 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This was Rs 348 crore per day for the previous fortnight effective 16.4.2013.

Further, the OMC’s have reported Rs 1,61,029 core as gross under-recoveries in the last fiscal 2012-13. This is significantly more than the under-recoveries of Rs 1, 38,541 crore during previous fiscal of 2011-12. Following are product-wise details of the under-recoveries for the last 3 years:

Product

Under Recovery (Rs/Crore)

 

2012-13

 

2011-12

2010-11

Diesel

92,061

81,192

34,706

PDS Kerosene

29,410

27,352

19,484

Domestic LPG

39,558

29,997

21,772

Petrol

2,227

Total

161,029

138,541

78,190

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

Particulars Unit Price on last trading day i.e., April 30, 2013 (Previous trading day of 29.4.2013) Fortnight April 16-30, 2013

(previous fortnight 1 – 15/4/ 2013)

Crude Oil (Indian Basket) ($/bbl)          101.34      (101.60)                99.38          (104.00)
(Rs /bbl)        5494.65    (5514.85)            5385.40        (5674.24)
Exchange Rate (Rs/$)            54.22        (54.28)

       

               54.19            (54.56)

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