Diesel under-recovery rises to Rs 14.50/litre | business | Hindustan Times
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Diesel under-recovery rises to Rs 14.50/litre

business Updated: Sep 16, 2013 21:25 IST

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

"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 September 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.