New Delhi, March 18 (IANS): The under-recovery, or revenue loss, on diesel for the second fortnight effective March 16 has come down to Rs.7.16 per litre from Rs.8.37 during the first fortnight of the month, the petroleum ministry said Tuesday.
"In the case of PDS Kerosene and Domestic LPG the under-recoveries for the month of March 2014 remains unchanged at Rs.36.34 per litre and Rs.605.80 per cylinder respectively as their refinery gate prices are determined on monthly basis," the ministry added.
"Oil Marketing Companies (OMCs), effective 16, March 2014, are now incurring combined daily under-recovery of about Rs.399 crore on the sale of diesel, PDS Kerosene and domestic LPG. This is lower than Rs.411 crore daily under-recoveries during previous fortnight effective 01.03.2014," the ministry said.
The three firms had together lost Rs.1,00,632 crore on the sale of the three products in April-December and may end the financial year with a total under-recovery of about Rs.1,40,000 crore. This compares with an under-recovery of Rs.1,61,029 crore in 2012-13 and Rs.1,38,541 crore in the previous fiscal.
The Indian basket crude oil price per barrel (159 litres to a barrel) has dropped to $105.36 per barrel from $106.18.
Since January 2013, diesel rates have risen by a cumulative Rs.8.33 per litre.