Mr RPN Singh minister of state for petroleum & natural gas informed the Rajya Sabha that the public sector oil marketing companies, OMCs are expected to incur under recovery of INR 121,571 crore during the year 2011-12 to insulate the common man from the impact of rise in international oil prices and the domestic inflationary conditions.
The losses take into account the average price of Indian basket of crude oil at USD 110 per barrel. The government continues to modulate the retail selling price of Diesel and its current price is below the required market price, resulting in incidence of under recovery to OMCs, which are currently incurring under recovery of INR 4.57 per liter on the sale of Diesel based on the refinery gate price as on September 1st 2011. Moreover, the government has made the price of Petrol market-determined both at the Refinery Gate and at the Retail level with effect from June 26th 2010, based on the recommendations of the Kirit Parikh Committee report. Since then, the Public Sector Oil Marketing Companies take appropriate decisions on the pricing of Petrol in line with the international prices and market conditions. Read More
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