20 Apr 2012

High under-Recoveries on HSD, PDS Kerosene, Domrstic LPG; W.E.F.16th April 2012 Indian Basket Crude Oil Price Falls on 16.03.2012 to US$ 116.74 per BBL

( PIB )
The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas have reviewed international prices of crude oil and petroleum products during the first fortnight of April 2012. Accordingly, the under-recoveries on HSD (High Speed Diesel) applicable for 2ndfortnight of April has remained high at Rs 14.29/litre effective April 16, 2012. This was, though, marginally lower than Rs 14.36/litre in the previous fortnight. Theunder-recoveries on Domestic LPG at Rs 570.50/cylinder and on PDS Kerosene at  Rs 31.04/Litre  are same for the current fortnight as OMCs compute/calculate under-recoveries on monthly basis in the case of Domestic LPG and PDS Kerosene.  The overall,   impact of the prices prevailing at the end of the fortnight ending on 16/4/2012 is provided in below:

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

Under-recoveries effective 16th    April  2012
(Effective 16.3.2012)
         14.29         (14.36 )         
PDS Kerosene*
         31.04         (31.04 )  
Domestic LPG*
        570.50       (570.50)
* Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government.

 OMCs are currently (effective 16  April, 2012) incurring daily under-recovery of about Rs 562 crore on the sale of Diesel, PDS Kerosene and Domestic LPG.

The OMC’s have reported the following under-recovery during April-December 2011: 
Under Recovery (Rs/Crore)
in April-Dec 2011 (in April-Sept 2011)
56,732           (37,719)           
PDS Kerosene
20,065           (13,361)      
Domestic LPG
20,516           (13,820)  
97,313            (64,900)          

3. Rates of average international FOB price   for Indian Basket of Crude Oil and Exchange Rates are as below:

Price on last trading day i.e., 16,April, 2012(Previous trading day i.e.,13.04.2012)
April 01-15, 2012
(previous fortnight 16.03.2012 to 31.03. 2012)
Crude Oil (Indian Basket)
   116.74        (119.06)
    120.58         (123.19)        
(Rs /bbl)
  6030.79     (6122.07)
  6174.90       (6253.12)      
Exchange Rate
     51.66          (51.42)
      51.21           (50.76)     

RCJ /RKS – Under-recovery 17-04-2012  

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