Under recoveries by OMCs to decline by 13% on low crude prices: Report

Following the ongoing decline in the international crude oil prices, the state run oil companies are estimated to record a decline of 31 per cent in under-recoveries at Rs 1.52 lakh in the current fiscal year, said a report.

Although the Indian market is struggling the most with the fall of domestic currency than any other adversities, a 13 per cent dip in the crude oil prices over the past two months has pulled down the under-recoveries on diesel, kerosene and domestic liquefied petroleum gas (LPG), added the report.

As per the report, the Indian basket of crude oil average price stood at USD 118 a barrel in April and USD 108 a barrel in May. However, it fell to an average of USD 96 in June so far. Meanwhile, it fell to USD 89.19 on Friday, the lowest since April last year.

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