Under-Recoveries Continue to Remain High on Diesel, PDS Kerosene and Domrstic LPG Effective Ist May

Indian Basket Crude Oil Price Marginally Lower on 30.04.2012 to Rule at US$ 117.09 Per BBL

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 last fortnight of April 2012. Accordingly, the under-recoveries on HSD (High Speed Diesel) applicable for 1st  fortnight of May has remained high at Rs 13.91/litre effective                May 01, 2012. This was, though, marginally lower than Rs 14.29/litre in the previous fortnight. In case of  PDS Kerosene the under-recoveries increased to  Rs 31.49/Litre  for the current month against Rs 31.04/litre in the month of April 2012.Theunder-recoveries on Domestic LPG at Rs 480.50/cylinder is also quite high, however it was lower than that in previous month.  The overall impact of the prices prevailing at the end of the fortnight ending on 30/4/2012 is provided in below: 2.         Product-wise Under-recovery of Public Sector Oil Marketing Companies (OMCs); Product Unit Under-recoveries effective 01th    May  2012 (Effective 16.4.2012 to 30.4.2012) Diesel Rs/Litre                  13.91 (14.29)          PDS Kerosene* Rs/Litre                 31.49  (31.04 )   Domestic LPG* Rs/Cylinder               480.50 (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 01 May, 2012) incurring daily under-recovery of about Rs 518 croreon the sale of Diesel, PDS Kerosene and Domestic LPG. The OMC’s have reported the following under-recovery during 2011-12:  Product Under Recovery (Rs/Crore) in April-Dec 2011 (in April-December 2011) Diesel             81,192      (56,732 )            PDS Kerosene             27,352      (20,065)        Domestic LPG             29,997      (20,516)   Total           138,541      (97,313)           3. Average  International FOB price  and Exchange rates : Particulars Unit Price on last trading day i.e., 30,April, 2012 (Previous trading day i.e.,27.04.2012) Fortnight April 16-30, 2012 (previous fortnight 01.04.2012 to 15.04. 2012) Crude Oil (Indian Basket) ($/bbl)    117.09        (117.15)           116.20      (120.58 )         (Rs /bbl)   6149.52     (6171.46)         6063.32    (6174.90 )       Exchange Rate (Rs/$)       52.52         (52.57)             52.18        (51.21 )      RCJ /RKS – Under-recovery 01-05-2012