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 1st fortnight of August 2014. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of August effective 16 August 2014 will go up to Rs 1.78 per litre. This was Rs 1.33 per litre during 1st fortnight of August 2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the 2nd fortnight of August 2014 continue to be Rs 32.98 per litre and Rs 447.87 per cylinder respectively, as in the last fortnight.
Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs):
Product Unit Under-recoveries effective 16 August 2014 (Previous fortnight effective 01 August 2014)Diesel Rs/Litre 1.78 (1.33)PDS Kerosene* Rs/Litre 32.98 (32.98)Domestic LPG* Rs/Cylinder 447.87 (447.87)*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 16 August 2014, are now incurring combined daily under-recovery of about Rs 230 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is higher than Rs 226 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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