OMCs loss of revenue on diesel up R9.45/ltr

The double whammy of surging crude oil prices and a falling rupee has raised the revenue loss of state-run oil marketing companies

Written by Express News Service | New Delhi | Published: July 17, 2013 12:36 am

The double whammy of surging crude oil prices and a falling rupee has raised the revenue loss of state-run oil marketing companies on each litre of diesel by Rs 9.45.

“The under-recovery on high speed diesel applicable for the 2nd fortnight of July effective July 16 went up to Rs 9.45 per litre. This was Rs 8.60 per litre during the 1st fortnight of July with effect from July 1,” the petroleum ministry said on Tuesday.

The average price of Indian basket of crude oil during July 1-15 was higher at $103.73 per barrel as compared to $101.24 per barrel during June 16-30 while rupee-dollar exchange rate dropped to Rs 59.99 from Rs 59.36 in the corresponding periods.

“In the case of PDS kerosene and domestic LPG,under-recoveries for July 2013 are Rs 30.52 per litre and Rs 368.58 per cylinder,respectively,” said a ministry statement,adding that effective July 16 the OMCs would be incurring a daily loss of about Rs 362 crore on sale of diesel,kerosene and domestic LPG.

This is higher than the daily under-recovery of Rs 358 crore in the previous fortnight starting June 16,it said.

OMCs were authorised last January to increase the retail price of diesel by 40 to 50 paise per month to wipe out the shortfall by 2015.

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