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 May 2014. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 1st fortnight of June effective 02.06.2014 will go down to Rs. 2.80 per litre. This was Rs. 4.41 per litre during 2nd fortnight of May 2014 w.e.f. 16.05.2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the first fortnight of June 2014 will be Rs. 32.87 per litre (Rs. 33.84 per litre in last fortnight) and Rs. 432.71 per cylinder(Rs. 449.13 per cylinder in last fortnight) respectively.
Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs)
||Unit||Under-recoveries effective 02.06. 2014
( Previous fortnight effective 16.05 2014)
|PDS Kerosene*||Rs/Litre||32.87 (33.84)|
|Domestic LPG*||Rs/Cylinder||432.71 (449.13)|
*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 2nd June 2014, are now incurring combined daily under-recovery of about Rs 262 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is less than Rs 318 crore daily under-recoveries during previous fortnight.
Regarding daily international crude oil price of Indian Basket as published today, the price decreased to US$ 107.14 per barrel (bbl) on 30.05.2014 as against US$ 107.59 per bbl on 29.05.2014. In rupee terms, the price of Indian Basket decreased to Rs 6324.47 per bbl on 30.05.2014 as compared to Rs 6330.60 per bbl on 29.05.2014. Rupee closed weaker at Rs 59.03 per US$ on 30.05.2014 as against Rs 58.84 per US$ on 29.05.2014.
The table below gives details in this regard
|Particulars||Unit||Price on June 30, 2014(Previous trading day i.e. 29.05.2014)||Pricing Fortnight for 01.06.2014 (May 14 to May 28 , 2014)|
|Crude Oil (Indian Basket)||($/bbl)||107.14 (107.59)||107.65|
|Exchange Rate||(Rs/$)||59.03 (58.84)||58.81|
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