Friday, 18 April 2014

Diesel Under-Recovery declines to Rs 5.49/litre for the fortnight commencing 16.4.2014

Combined Daily Under-Recovery on sale of Diesel, PDS Kerosene and Domestic LPG lower at Rs 337 crore effective from 16.4.2014 

Daily Crude oil price of Indian Basket increased to US$ 106.52/bbl on 15.4.2014 

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 April 2014. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of April effective 16.4.2014 fell to Rs 5.49 per litre. This was Rs 5.93 per litre during Ist fortnight of April 2014 w.e.f. 01.4.2014. In the case of PDS Kerosene and Domestic LPG the under-recoveries for the month of April 2014 remained same at 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 16.04. 2014
( Previous fortnight effective 01.4 2014)
Diesel
Rs/Litre
5.49               (5.93)
PDS Kerosene*
Rs/Litre
34.43              (34.43)
Domestic LPG*
Rs/Cylinder
506.06            (506.06)

*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 16th April 2014, are now incurring combined daily under-recovery of about Rs 337 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is lower than Rs 342 crore daily under-recoveries during previous fortnight effective 01.04.2014.

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 increased to US$ 106.52 per barrel (bbl) on 15.4.2014 as against US$ 105.91 per bbl on previous trading day of 14.4.2014. In rupee terms also, the price of Indian Basket increased to Rs 6418.90 per bbl on 15.04.2014 as compared to Rs 6383.20 per bbl on 14.04.2014. This was due to increase in price in dollar terms and rupee appreciation. Rupee closed slightly stronger at Rs 60.26 per US$ on 15.04.2014 as against Rs 60.27 per US$ on 14.4.2014.   

The table below gives details in this regard                              

Particulars
Unit
Price on April 15, 2014(Previous trading day i.e. 14.04.2014)
For Pricing Fortnight (Effective 16.4.2014) March 27 to April 10, 2014
Crude Oil (Indian Basket)
($/bbl)
106.52           (105.91)
104.25
(Rs/bbl
6418.90         (6383.20)
6262.30
Exchange Rate
(Rs/$)
60.26            (60.27)
60.07


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