Diesel under-recovery has been decreased to Rs. 0.08 per litre for a fortnight commencing from today.
Oil Marketing Companies (OMCs), effective September 1, are now incurring a combined daily under-recovery of about Rs 195 crore on the sale of diesel, PDS kerosene and domestic LPG. This is lower than the Rs.230 crore daily under-recoveries during the 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 crores in 2013-14.
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 second fortnight of August 2014.
Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for first fortnight of September effective from today will go down to Rs 0.08 per litre. This was Rs 1.78 per litre during second fortnight of August 2014.
In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the first fortnight of September 2014 will be Rs 32.67 per litre and Rs 427.82 per cylinder respectively.
Additionally, a subsidy of Rs 0.82 per Litre on PDS Kerosene and Rs 22.58 per Cylinder on Domestic LPG is provided by the Government. Their refinery-gate prices are fixed on monthly basis.
Oil Marketing Companies (OMCs) are now incurring combined daily under-recovery of about Rs 195 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is lower than Rs 230 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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app