Diesel under-recovery rises sharply to Rs.14.50/litre

New Delhi, Sep 16 (IANS) The under-recovery, or revenue loss, applicable on diesel for the second fortnight effective Sep 16 has been pegged sharply upwards at Rs.14.50 per litre, the petroleum ministry said Monday.

This compares to the under-recovery of Rs.12.12 per litre during the first fortnight of September.
“In the case of PDS kerosene and domestic LPG, under-recoveries for the month of September 2013 remain at Rs.36.83 per litre and Rs.470.38 per cylinder respectively as the price of PDS kerosene and domestic LPG are determined on monthly basis,” the ministry said in a statement here.
“OMCs (oil marketing companies), effective 16 September 2013, are incurring higher combined daily under-recovery of about Rs.486 crore on the sale of diesel, PDS kerosene and domestic LPG. This was Rs.461 crore for the previous fortnight effective 01.9.2013,” the statement added.
The Indian basket crude oil price per barrel (159 litres to a barrel) as on the last trading day of Sep 13 stood at $110.68, or Rs.7060.28, at the exchange rate of Rs.63.79 to a dollar per barrel.
An increase of the oil barrel price in rupee terms over the previous trading day was mainly due to rupee depreciation, the ministry said.