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HindustanTimes Fri,25 Apr 2014

Oil firms under-recoveries at R59,000 crore, says Deora

HT Correspondent, Hindustan Times  Mumbai, November 15, 2010
First Published: 20:14 IST(15/11/2010) | Last Updated: 20:17 IST(15/11/2010)

Under-recoveries for state-run oil firms on essential petroleum products for the financial year 2010-11 is estimated at R59,000 crore said Murli Deora, minister of petroleum and natural gas, adding that roughly one third (R18,000 crore) of it is on LPG.

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Addressing a gathering of LPG distributors at the silver jubilee celebration of all India LPG distributors federation, Deora said that the ministry plans to increase the customer base by 5 crore over the next five years from the current base of 12 crore customers.

Expecting a rise in the demand for petroleum products over the next few years the minister said that it would increase the burden of under-recoveries on oil marketing companies (OMCs) on the sale of subsidised petroleum products such as LPG and kerosene.

Addressing the concern for the supply of petroleum products Deora said that the supply will get a boost once the three upcoming refineries — in Bina, Bhatinda and Paradip, get commissioned in the next two years.

“This would increase the refining capacity from 185 million tonnes today to around 240 million tonnes by 2012….This capacity would be sufficient to cater to the domestic demand till 2020 and beyond,” said Deora.

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