OMCs incur Rs 465 crore as daily under recovery: Govt

Posted By: Religare
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OMCs incur Rs 465 crore as daily under recovery
Oil marketing companies (OMCs) incur a daily under recovery of about Rs 465 crore on the sale of Diesel, PDS Kerosene and Domestic LPG, said a review conducted during the past fortnight ending February 15, 2012, by the Petroleum Planning and Analysis Cell under the Ministry of Petroleum and Natural Gas (PPAC).

Besides, the government release said that the OMCs recorded a total under recovery of Rs 97, 313 crore with Rs 56,732 crore, Rs 20,065 crore, Rs 20,516 crore in case of diesel, PDS Kerosene and domestic LPG respectively during the April-December period.

Meanwhile, product wise, the under recoveries in case of Diesel, PDS Kerosene and Domestic LPG, effective from February 16, 2012 were recorded at Rs 12.31 per litre, Rs 28.77 per litre and Rs 378 per cylinder respectively.

The statement added that the subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government.

Further, as per the study conducted by PPAC, under-recoveries on High Speed Diesel (HSD) has increased to Rs 12.31/Litre effective February 16, 2012 from Rs 11.35 litre during previous fortnight effective February 1, 2012.

The under-recoveries on PDS Kerosene and Domestic LPG continued to be the same as refinery gate prices of these products are revised at the month end.

Dion Global Solutions Ltd

Read more about: omc, government, lpg
Story first published: Thursday, February 16, 2012, 23:30 [IST]
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