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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| 06:27am US/Eastern
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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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Comments on this story
 
Mr. Moiley's Diesel Drama ends with NAMASTE signalling no ROLL BACK

Mr. Moily ‘s Diesel Dance have come to an end and his NAMASTE at the end of the drama by no roll back is what was essential to pass a message to the opposition to get united to formulate a fuel policy that may be better than the one adopted by his ministry by the blessings of FM and PM. Till they all get united all the noise is like barking dogs never or fluttering clouds never rain or empty vessel sounds more than the silence of the eminent economist the PM of India.
SALUTE THE PM AND THE FM FOR THEIR VERY BOLD DECISION TO WALK THE TALK IN RAISING THE PETROL AND DIESEL PRICES.

At a time when the opposition is too adverse to anything in the interest of the country and the media playing a negative role and dancing to the gallery of the views are doing more harm to the country .

India’s enemy No.1 is crude that India needs to import and that is 80% and any changes in the prices of crude directly derails the Indian economy by rising inflation and rating down grade leading to out flow of foreign funds and hampers growth. By raising the fuel prices in tune with the international prices simply means that costlier it gets it lowers consumption that is the need of the hour. Also less it is subsidized means less printing of notes and so less inflation and lower the risk of down grade.

Against all odds at the cost of the PM and FM abuse from all corners these two gentlemen have had the courage to walk the talk that is most appreciable. So far for the past two years we have seen only flip flop and dance and drama but it is only recently these two magicians of India have proved that they can make miracles for India by saving India’s rating and bringing India to high growth trajectory.

A leader who leads with firmness and action is always proven to lead better and that is what is visible at the moment and if India’s destiny have Mody as one of their collegue irrespective of the party both represent then India can over take any country in the world and this waste of time of washing dirty linen in the public by both parties can be stopped and their most arrogant three musketeers Mr. Manish Tiwari=Mr. Manishankar Ayer and Mr. Digvijay can they be sent to asylum for introspection and transformation within their brain from negativity to positivity for the country. We all should prophecies that both BJP with Mody at the top and Congress with Chindarabaram as the anchor of the party assimilate and lead the country
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