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OMCs Incurring Daily Under-Recovery of ~Rs. 3.99BN

  • OMCs are currently (effective 1St December, 2011) incurring daily under-recovery of about 399 crore on the sale of Diesel, PDS Kerosene and Domestic LPG.  The Petroleum Planning and Analysis Cell under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products during the past fortnight. Accordingly, the impact of the prices prevailing at the end of the fortnight ending on 30/11/11 (from 16/11 to 30/11/2011) is provided in below:
  • Average international FOB price for Indian Basket of Crude Oil and Exchange Rate ;

Particulars

Unit

Price on last trading day i.e., 30,November, 2011

Fortnight Nov 16-30, 2011 (last fortnight)

Crude Oil (Indian Basket)

($/bbl)

110.07

108.80

( /bbl)

5742.35

5,638.02

Exchange Rate

(/$)

52.17

51.82

 

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

Product

Unit

Under-recovery (eff. 01,December, 2011)

Diesel

/Litre

12.03

PDS Kerosene*

/Litre

30.70

Domestic LPG*

/Cylinder

287.00

 

  • Additionally, a subsidy of 0.82/Litre on PDS Kerosene and 22.58/Cylinder on Domestic LPG is provided by the Government.
  • OMCs are currently (effective 1St December, 2011) incurring daily under-recovery of about 399 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. 
  • The OMC’s have reported the following under-recovery during the 1st half of the current year (April-Sept. 2011) :

Product

Under Recovery  (/Crore)

Diesel

37,719

PDS Kerosene

13,361

Domestic LPG

13,820

Total

64,900

 

Source