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Ministry of Petroleum and Natural Gas of the Repub : Under-Recovery on Diesel Effective 16.02.2013 increases to Rs 10.27 per litre mark

02/18/2013 | 07:27am US/Eastern

February Under-recovery on Domestic LPG, and PDS Kerosene remain high
OMCs Incurring Daily Under-Recoveries of Rs 454 Crore
Crude Oil Price for Indian Basket went up to US$ 114.49 per barrel on February 15, 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 Ist Fortnight ofFebruary 2013. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 2ndfortnight of February effective 16.02.2013 has increased to Rs10.27 /Litre. This was Rs 9.22 per litre effective 11.2.2013 for Ist fortnight of February2013. In case of Domestic LPG and PDS Kerosene under-recoveries remain same at Rs 481.00/ cylinder Rs 31.60 per litre respectively for February 2013 as under-recoveries on these products are computed on monthly basis.

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

Product
Unit
Under-recoveries effective February 16, 2013
(Effective 1.2.2013 to 15.2.2013)
Diesel
Rs/Litre
10.27(9.22)
PDS Kerosene*
Rs/Litre
31.60(31.60)
Domestic LPG*
Rs/Cylinder
481.00(481.00)

*Additionally, a subsidy ofRs0.82/Litre on PDS Kerosene andRs22.58/Cylinder on Domestic LPG is provided by the Government.

OMCs effective 16 February 2013 are incurring daily under-recovery of aboutRs454 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This was Rs 400 crore per day for the previous fortnight effective 1.2.2013.

Further, the OMC's have reported the following under-recoveries during April-December 2012:

Product
Under Recovery (Rs/Crore)
2012-13
(April-December 2012)
2011-12
2010-11
Diesel
73,815
81,192
34,706
PDS Kerosene
21,891
27,352
19,484
Domestic LPG
29,148
29,997
21,772
Petrol
--
--
2,227
Total
124,854
138,541
78,190

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

Particulars
Unit
Price on last trading day i.e., February 15,, 2013(Previous trading day of 14.2.2013)
Fortnight February)1-15, 2013
(previous fortnight 16 - 31/1/ 2013)
Crude Oil (Indian Basket)
($/bbl)
114.49(114.88)
113.86 (109.95)
(Rs/bbl)
6181.32(6188.59)
6093.79 (5926.31)
Exchange Rate
(Rs/$)
53.99(53.87)
53.52 (53.90)

RCJ/RKS - Under-recovery 18-02-2013

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