Wednesday, 2 April 2014

Diesel Under-Recovery declines to Rs 5.93/litre for the fortnight commencing 01.4.2014

Monthly under-recoveries on PDS Kerosene and Domestic LPG fall sharply
  Combined Daily Under-Recovery lower at Rs 342 crore effective from 01.4.2014
Daily Crude oil price of Indian Basket declines marginally to at US$ 105.14/bbl on 31.3.2014


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 2nd fortnight of March 2014. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for Ist fortnight of April effective 1.4.2014 fell to Rs 5.93 per/litre. This was Rs 7.16 per litre during 2nd fortnight of March 2014 w.e.f. 16.3.2014. In the case of PDS Kerosene and Domestic LPG also the under-recoveries for the month of April 2014 fall sharply to Rs 34.43 per litre (Rs 36.34 per litre in March 14) and Rs 506.06 per cylinder(Rs 605.80 per cylinder for march’14) respectively.

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

Product
Unit
Under-recoveries effective 01.04  2014
( Previous fortnight effective 16.3 2014)
Diesel
Rs/Litre
                             5.93               (7.16)   
PDS Kerosene*
Rs/Litre
                           34.43              (36.34 for March’14)     
Domestic LPG*
Rs/Cylinder
                         506.06            (605.80 for March’14) 

*Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government. Their refinery-gate prices are fixed on monthly basis.

Oil Marketing Companies (OMCs),   effective 1, April 2014, are now incurring combined daily under-recovery of about Rs 342 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is lower than Rs 399 crore daily under-recoveries during previous fortnight effective 16.03.2014.

Further, the OMCs reported a total under-recoveries of Rs 1, 00,632 crore  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 daily international crude oil price of Indian Basket as computed/published today by PPAC the price fell marginally to US$ 105.14 per barrel (bbl) on 31.3.2014 as against US$ 105.30 per bbl on previous trading day of 28.3.2014. 
In rupee terms also, the price of Indian Basket declined in tandem to Rs 6318.91 per bbl on 31.03.2014 as compared to Rs 6328.53 per bbl on 28.03.2014. This was due to decline in price in dollar terms. Rupee dollar exchange rate remained un-attered at Rs 60.10 per US$ on 31.03.2014 as it prevailed on 28.03.2014. 
The table below gives details in this regard

Particulars    
Unit
Price on March 31, 2014 (Previous trading day i.e. 28.03.2014)                                                                  
 For Pricing Fortnight March 13 to 27, 2014(Effective 1.4.2014)
Crude Oil (Indian Basket)
($/bbl)
      105.14           (105.30)
  104.72
(Rs/bbl
          6318.91         (6328.53)
6370.12
Exchange Rate
  (Rs/$)
        60.10            (60.10)         
    60.83

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