Diesel, Gas, subsidies by Indian Government oil firms on Rise

Fortnightly Under-Recoviries on Petroleum Products and International Prices of Indian Basket of Crude Oil As on 31.10.2011

The Petroleum Planning and Analysis Cell under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products during the past fortnight. Accordingly, the impact of the prices prevailing at the end of the fortnight ending on 31/10/11   (from 16/10 to 31/10/2011) is provided in below:                 Average international FOB price   for Indian Basket of Crude Oil and Exchange Rate ; Particulars Unit Price on last trading day i.e., 31,October, 2011 Fortnight Oct 16-31,  2011 (last fortnight) Crude Oil (Indian Basket) ($/bbl) 106.65 108.59 ( Rs  /bbl) 5211.99 5360.00 Exchange Rate ( Rs /$) 48.87 49.36   2.             Product-wise Under-recovery of Public Sector Oil Marketing Companies (OMCs); Product Unit Under-recovery (eff. 01,November, 2011) Diesel Rs/Litre 8.58 PDS Kerosene* Rs /Litre 25.66 Domestic LPG* Rs /Cylinder 260.50 * Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs  22.58/Cylinder on Domestic LPG is provided by the Government. (iii) OMCs are currently (effective 1St  November, 2011) incurring daily under-recovery of about  Rs 319  crore  on the sale of Diesel, PDS Kerosene and Domestic LPG. 3.  The OMC’s have reported the following under-recovery during the 1st half  of the current year (April-Sept. 2011) : Product Under Recovery (Rs /Crore) Diesel 37,719 PDS Kerosene 13,361 Domestic LPG 13,820 Total 64,900