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 August 2014. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 1st fortnight of September effective 01 September 2014 will go down to Rs 0.08 per litre. This was Rs 1.78 per litre during 2nd fortnight of August 2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the 1st fortnight of September 2014 will be Rs 32.83 per litre (Rs 32.98 per litre in last fortnight) and Rs 427.82 per cylinder (Rs 447.87 per cylinder in last fortnight) respectively.
Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs)
Product Unit Under-recoveries effective 01 Sept 2014 (Previous fortnight effective 16 August 2014)Diesel Rs/Litre 0.08 (1.78)PDS Kerosene* Rs/Litre 32.83 (32.98)Domestic LPG* Rs/Cylinder 427.82 (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 01 September 2014, 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.
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