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TMI BlogUnder-Recovery on Diesel Effective 16.12.2012 goes remains high level of Rs 9.28 per litre OMCs Incurring Under-Recoveries of Rs 411 Crore per day Daily Crude Oil Price for Indian Basket falls to US$ 106.39 per barrel on 14.12.2012X X X X Extracts X X X X X X X X Extracts X X X X ..... Under-Recovery on Diesel Effective 16.12.2012 goes remains high level of Rs 9.28 per litre OMCs Incurring Under-Recoveries of Rs 411 Crore per day Daily Crude Oil Price for Indian Basket falls to US$ 106.39 per barrel on 14.12.2012 - News and Press Release Dated:- 19-12-2012 - News - Press Information Bureau Government of India Ministry of Petroleum Natural Gas 19-December, 2012 12:12 IST <!--[if gte mso 9]> <![endif]--> 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 Ist Fortnight of December 2012. Accordingly, the under-recovery (UR) on High Speed Diesel (HSD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) applicable for 2nd fortnight of December effective 16.12.2012 declined to Rs 9.28 /Litre which is still a high level. This was Rs 10.03 per litre effective 01.12.2012 for Ist fortnight of December. In case of Domestic LPG and PDS Kerosene the under-recoveries for December 2012 remain unchanged i.e. to Rs 520.50/cylinder and Rs 30.93 per litre respectively as the under-recoveries on these products are computed on monthly basis. Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs); Product Unit Under-recoveries effective December 16, 2012 (Effective 01.12.2012 to 15.12.2012) sel Rs /Litre 9.28 (10.03) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PDS Kerosene* Rs /Litre 30.93 (30.93) Domestic LPG* Rs /Cylinder 520.50 (520.50) Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government. OMCs are currently (effective 16 December 2012) incurring daily under-recovery of about Rs 411 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. Further, the OMC s have reported the following under-recoveries during April-September 2012: Product Under Recovery ( Rs /Crore) 2012-13 (April-September 2012) 2011-12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010-11 Diesel 52,711 81,192 34,706 PDS Kerosene 14,331 27,352 19,484 Domestic LPG 18,544 29,997 21,772 Petrol -- -- 2,227 Total 85,586 138,541 78,190 3. Details of average International FOB price and Exchange rates are: Particulars Unit Price on last trading day i.e., 14 December, 2012 (Previous trading day of 13.12.2012) Fortnight December)01-15, 2012 ( previous fortnight 16 - 30/11/ 2012 ) Crude Oil (Indian Basket) ($/bbl) 106.39 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (106.90) 106.85 (108.94) ( Rs /bbl) 5786.55 (5797.19) 5815.85 (6010.22) Exchange Rate ( Rs /$) 54.39 (54.23) 54.43 (55.17) RCJ/RKS Under-recovery 17-12-2012 <!--[if gte mso 9]> <![endif]--> 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 Ist Fortnight of December 2012. Accordingly, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under-recovery (UR) on High Speed Diesel (HSD) applicable for 2 nd fortnight of December effective 16.12.2012 declined to Rs 9.28 /Litre which is still a high level. This was Rs 10.03 per litre effective 01.12.2012 for Ist fortnight of December. In case of Domestic LPG and PDS Kerosene the under-recoveries for December 2012 remain unchanged i.e. to Rs 520.50/cylinder and Rs 30.93 per litre respectively as the under-recoveries on these products are computed on monthly basis. Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs); Product Unit Under-recoveries effective December 16, 2012 (Effective 01.12.2012 to 15.12.2012) Diesel Rs /Litre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9.28 (10.03) PDS Kerosene* Rs /Litre 30.93 (30.93) Domestic LPG* Rs /Cylinder 520.50 (520.50) *Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government. OMCs are currently (effective 16 December 2012) incurring daily under-recovery of about Rs 411 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. Further, the OMC s have reported the following under-recoveries during April-September 2012: Product Under Recovery ( Rs /Crore) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2012-13 (April-September 2012) 2011-12 2010-11 Diesel 52,711 81,192 34,706 PDS Kerosene 14,331 27,352 19,484 Domestic LPG 18,544 29,997 21,772 Petrol -- -- 2,227 Total 85,586 138,541 78,190 3. Details of average International FOB price and Exchange rates are: Particulars Unit Price on last trading day i.e., 14 December, 2012 (Previous trading day of 13.12.2012) Fortnight December)01-15, 2012 ( previous fortnight 16 - 30/11/ 2012 ) Crude ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Oil (Indian Basket) ($/bbl) 106.39 (106.90) 106.85 (108.94) ( Rs /bbl) 5786.55 (5797.19) 5815.85 (6010.22) Exchange Rate ( Rs /$) 54.39 (54.23) 54.43 (55.17) RCJ/RKS Under-recovery 17-12-2012 <!--[if gte mso 9]> Normal 0 false false false EN-US X-NONE X-NONE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... <![endif]--><!--[if gte mso 9]> <![endif]--><!--[if gte mso 10]> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} <![endif]--> - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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