Diesel Under-Recovery increased to Rs 3.40/litre for the fortnight commencing 01 July 2014

Combined Daily Under-Recovery on sale of Diesel, PDS Kerosene and Domestic LPG is Rs 271 crore with effect from 01 July 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 2nd fortnight of June 2014. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for Ist fortnight of July effective 1 July 2014 will go up to Rs 3.40 per litre. This was Rs 1.62 per litre during 2nd fortnight of June 2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the Ist fortnight of July 2014 will be Rs 33.07 per litre (Rs 32.87 per litre in last fortnight) and Rs 449.17 per cylinder (Rs 432.71 per cylinder in last fortnight) respectively.

Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs):

Product Unit Under-recoveries effective 01 July 2014 (Previous fortnight effective 16 June 2014)Diesel Rs/Litre 3.40   (1.62)   PDS Kerosene* Rs/Litre  33.07    (32.87)    Domestic LPG* Rs/Cylinder 449.17   (432.71) *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 1 July 2014, are now incurring combined daily under-recovery of about Rs 271 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is greater than Rs 249 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.

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