29 May 2012

Under-Recoveries Continue to Remain High on Diesel, PDS Kerosene and Domrstic LPG Effective 15th May


Crude Oil Price Indian Basket Rises on 15.05.2012 to Rule at US$ 109.53 Per BBL

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 last fortnight of April 2012. Accordingly, the under-recoveries on HSD (High Speed Diesel) applicable for 2nd fortnight of May effective 16.05.2012 has remained high at Rs 13.64/litre effective May 16, 2012. This was, though, marginally lower than Rs 13.91/litre in the previous fortnight. In case of  PDS Kerosene and Domestic LPG the under-recoveries remain same at  Rs 31.49/Litre and   Rs 480.50/cylinder respectively. The under-recoveries are computed on monthly basis in respect of PDS Kerosene and Domestic LPG. The overall impact of the prices prevailing at the fortnight ending on 15/5/2012 is provided in below:

2.         Product-wise Under-recovery of Public Sector Oil Marketing Companies (OMCs);

Product
Unit
Under-recoveries effective 16th    May  2012
(Effective 01.5.2012 to 15.5.2012)
Diesel
Rs/Litre
         13.64         (13.91)          
PDS Kerosene*
Rs/Litre
         31.49         (31.49)  
Domestic LPG*
Rs/Cylinder
       480.50       (480.50)
* Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government.

OMCs are currently (effective 16th  May, 2012) incurring daily under-recovery of about Rs 509 crore on the sale of Diesel, PDS Kerosene and Domestic LPG.

The OMC’s have reported the following under-recovery during 2011-12: 
Product
Under Recovery (Rs/Crore)


2011-12
April-December 2011
2010-11
Diesel
            81,192                
56,732
34,706
PDS Kerosene
            27,352        
20,065   
19,484
Domestic LPG
            29,997         
20,516
21,772
Petrol
            --             
--      
  2,227**
Total
          138,541               
97,313
78,190
** Under-recoveries on petrol is only up to 25th Jun’10

3. Average International FOB price and Exchange rates:

Particulars
Unit
Price on last trading day i.e., 15 May, 2012(Previous trading day i.e.,14.05.2012)
Fortnight
May 01-15, 2012
(previous fortnight 16 - 30/04/ 2012)
Crude Oil (Indian Basket)
($/bbl)
        109.53       (108.90)
         111.55       (116.20)        
(Rs /bbl)
       5897.10    (5849.02)
       5957.89     (6063.32)      
Exchange Rate
(Rs/$)
          53.84          (53-71)
           53.41         (52.18)     
RCJ /RKS – Under-recovery 16-05-2012  

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