Wednesday, 19 March 2014

Diesel Under-Recovery falls to Rs 7.16/litre for the fortnight commencing 16.3.2014 Combined Daily Under-Recovery lower at Rs 399 crore effective from 16.3.2014 Daily Crude oil price of Indian Basket inches up to at US$ 105.36/bbl on 17.3.2014

The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products during the Ist fortnight of March 2014. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of March effective 16.3.2014 fell to Rs 7.16 per/litre. This was Rs 8.37 per litre during Ist fortnight of March 2014 w.e.f. 01.3.2014. In the case of PDS Kerosene and Domestic LPG the under-recoveries for the month of March 2014 remains unchanged at Rs 36.34 per litre and Rs 605.80 per cylinder respectively as their refinery gate prices are determined on monthly basis .

 Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs):
Product
Unit
Under-recoveries effective 16.03  2014
( Previous fortnight effective 01.3 2014)
Diesel
Rs/Litre
                             7.16               (8.37)   
PDS Kerosene*
Rs/Litre
                           36.34              (36.34)     
Domestic LPG*
Rs/Cylinder
                         605.80            (605.80) 

*Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government and their refinery-gate prices are fixed on monthly basis.
Oil Marketing Companies (OMCs),   effective 16, March 2014, are now incurring combined daily under-recovery of about Rs 399 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is lower than Rs 411 crore daily under-recoveries during previous fortnight effective 01.03.2014.

Further, the OMCs reported a total of Rs 1, 00,632 crore as under-recoveries during Ist nine months of 2013-14 (April-December) on sale of Diesel, PDS Kerosene and Domestic LPG. Following are product-wise details of the under-recoveries:-


Product

Under Recovery (Rs/Crore)

2013-14
   (April-December 2013)
2012-13
2011-12
2010-11
Diesel
47,655
92,061
81,192
34,706
PDS Kerosene
22,373
29,410
27,352
19,484
Domestic LPG
30,604
39,558
29,997
21,772
Petrol

--
--
2,227
Total
1,00,632
1,61,029
1,38,541
78,190

Regarding international crude oil price of Indian Basket as computed/published today by PPAC the price increased to US$ 105.36 per barrel (bbl) on 17.3.2014 as against US$ 105.22 per bbl on previous trading day of 14.3.2014. 
In rupee terms also, the price of Indian Basket rose in tandem, though marginally, to Rs 6481.75 per bbl on 17.03.2014 as compared to Rs 6473.13 per bbl on 14.03.2014. This was due to price rise in dollar terms. Rupee dollar exchange rate remained un-attered at Rs 61.52 per US$ on 17.03.2014 as it prevailed on 14.03.2014. 
The table below gives details in this regard


Particulars    
Unit
Price on March 17, 2014 (Previous trading day i.e. 14.03.2014)                                                                  
 For Pricing Fortnight February 27 to March 12, 2014 (Effective 16.3.2014)
Crude Oil (Indian Basket)
($/bbl)
105.36           (105.22)
  106.18
(Rs/bbl
6481.75         (6473.13)
6523.70
Exchange Rate
  (Rs/$)
61.52            (61.52)
    61.44

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