Under-Recovery on Diesel effective 16.5.2013 declines marginally to Rs 3.73 per litre OMCs incurring Daily Under-Recovery of Rs 252 Crore Daily Crude Oil Price for Indian Basket falls to US$ 100.06/bbl on 15 May, 2013

The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas have reviewed international prices of crude oil and petroleum products during the ^Ist Fortnight of May 2013. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of May effective 16.05.2013 has declined slightly to Rs3.73 per/litre. This was Rs 3.80 per litre during Ist   fortnight of May 2013 w.e.f. 1.5.2013. In the case of PDS Kerosene and Domestic LPG, under-recoveries for the month of May 2013   are Rs 27.93 per litre and Rs 378.38 per cylinder respectively as published on 01.05.2013.

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

Product	Unit	Under-recoveries effective May 16,  2013 ( Previous fortnight effective May 1, 2013)
Diesel	Rs/Litre	3.73         (3.80)
PDS Kerosene*	Rs/Litre	27.93       (27.93)
Domestic LPG*	Rs/Cylinder	378.38    (378.38)

*Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Governmen and under-recoveries on these products are computed on monthly basis.

 OMCs,   effective 16 May 2013, are incurring daily under-recovery of about Rs  252 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This was Rs 256 crore per day for the previous fortnight effective 01.5.2013.

Further, the OMC’s have reported Rs 1,61,029 core as gross under-recoveries in the last fiscal 2012-13. This is significantly more than the under-recoveries of Rs 1, 38,541 crore during previous fiscal of 2011-12. Following are product-wise details of the under-recoveries for the last 3 years:

Product	Under Recovery (Rs/Crore)
	2012-13	2011-12	2010-11
Diesel	92,061	81,192	34,706
PDS Kerosene	29,410	27,352	19,484
Domestic LPG	39,558	29,997	21,772
Petrol	--	--	2,227
Total	161,029	138,541	78,190

Details of average International FOB price and Exchange rates are:

Particulars	Unit	Price on last trading day i.e., May 15, 2013 (Previous trading day of 14.5.2013)	Fortnight May 1-15, 2013 (previous fortnight 1 - 15/5/ 2013)
Crude Oil (Indian Basket)	($/bbl)	100.06      (100.87)	101.21           (99.38)
	(Rs/bbl)	5481.29    (5510.53)	5497.73       (5385.40)
Exchange Rate	(Rs/$)	54.78         (54.63)	54.32            (54.19)