In the backdrop of high global crude oil prices — that have moved up to an average of $103 a barrel as against $98 a barrel a fortnight ago — the losses of oil companies on diesel sales have mounted to over Rs. 1 a litre from Rs. 10 a litre a fortnight ago.
While prices of cooking gas (or LPG) in the global markets have come down, under-recoveries on the sale of every LPG cylinder still continue to be very high at around Rs. 231 a cylinder.
“Even overall under-recovery on the three products has gone above Rs. 400 crore a day from Rs. 358 crore a day just a fortnight ago on July 16,” the official said.
Kerosene losses are also ruling high at around Rs. 29 a litre as on August 1, 2012.
“The total under-recoveries on the three sensitive petroleum products — diesel, cooking gas and kerosene — stand at Rs. 47,811 crore,” said a petroleum ministry release on Wednesday.