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

Posted By: Religare
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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.

Read more about: pmcs
Story first published: Wednesday, June 27, 2012, 13:30 [IST]
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