Diesel Under-Recovery increased to Rs 1.78/litre for the fortnight commencing 16.08.2014

Diesel Under-Recovery increased to Rs 1.78/litre for the fortnight commencing 16.08.2014

Combined Daily Under-Recovery on sale of Diesel, PDS Kerosene and Domestic LPG is Rs 230 crore with effect from 16.08.2014

Daily Crude oil price of Indian Basket decreased to US$ 100.04/bbl on 18.08.2014

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 1st fortnight of August 2014. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of August effective 16.08.2014 will go up to Rs 1.78 per litre. This was Rs 1.33 per litre during 1st fortnight of Aug 2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the 2nd fortnight of August 2014 continue to be Rs 32.98 per litre and Rs 447.87 per cylinder respectively, as in the last fortnight.

Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs)
Product
Unit Under-recoveries effective 16.08. 2014
( Previous fortnight effective 01.08 2014)
Diesel Rs/Litre 1.78 (1.33)
PDS Kerosene* Rs/Litre 32.98 (32.98)
Domestic LPG* Rs/Cylinder 447.87 (447.87)

*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 16 August 2014, are now incurring combined daily under-recovery of about Rs 230 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is higher than Rs 226 crore daily under-recoveries during previous fortnight. The under-recoveries for the financial year 2014-15 are projected to be Rs 91,665 crore while the figure was Rs 1, 39,869 crore in the 2013-14.

Regarding daily international crude oil price of Indian Basket as published today, the price decreased to US$ 100.04 per barrel (bbl) on 18.08.2014 as against US$ 101.67 per bbl on 13.08.2014. In rupee terms, the price of Indian Basket decreased to Rs 6108.44 per bbl on 18.08.2014 as compared to Rs 6227.29 per bbl on 13.08.2014. Rupee closed stronger at Rs 61.06 per US$ on 18.08.2014 as against Rs 61.25 per US$ on 13.08.2014.

The table below gives details in this regard

Particulars Unit Price on Aug 18, 2014 (Previous trading day i.e. 13.08.2014) Pricing Fortnight for 16.08.2014 

( July 30 to Aug 12, 2014)

Crude Oil (Indian Basket) ($/bbl) 100.04 (101.67) 103.85
Crude Oil (Indian Basket) (Rs/bbl) 6108.44 (6227.29) 6325.50
Exchange Rate (Rs/$) 61.06 (61.25) 60.91

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