Daily Crude oil price of Indian Basket was US$ 95.92/bbl on 16.09.2014

Combined Daily Under-Recovery on sale of Diesel, PDS Kerosene and Domestic LPG is Rs 190 crore with effect from 16.09.2014
No Diesel Under-Recovery over recovers Rs 0.35/litre for the fortnight commencing 16.09.2014

The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products during the Ist fortnight of September 2014. The under-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of September effective 16.09.2014 has been wiped off and now there is over-recovery of Rs 0.35 per litre. The Under-recoveries was Rs 0.08 per litre during Ist fortnight of September 2014.  In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the 2nd fortnight of September 2014 will be Rs 32.67 per litre (Rs 32.67 per litre in last fortnight) and Rs 427.82 per cylinder (Rs 427.82 per cylinder in last fortnight) respectively
 Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs)
Under-recoveries effective 16.09. 2014
( Previous fortnight effective 01.09 2014)
PDS Kerosene*
32.67              (32.67)
Domestic LPG*
427.82            (427.82)

*Additionally, a subsidy of Rs 0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the Government. Their refinery-gate prices are fixed on monthly basis.

Oil Marketing Companies (OMCs),   effective 16 September 2014, are now incurring combined daily under-recovery of about Rs 190 crore on the sale of PDS Kerosene and Domestic LPG. This is lower than Rs 195 crore daily under-recoveries during previous fortnight. The under-recoveries for the first quarter of the financial year 2014-15 has been Rs 28,691 crore . The figure was Rs 1, 39,869 crore for full year in the 2013-14.

Regarding daily international crude oil price of Indian Basket as published today, the price was US$ 95.92 per barrel (bbl) on 16.09.2014 as against US$ 95.50 per bbl on 15.09.2014. In rupee terms, the price of Indian Basket increased to Rs 5860.71 per bbl on 16.09.2014 as compared to Rs 5824.55 per bbl on 15.09.2014. Rupee closed stronger at Rs 60.10 per US$ on 16.09.2014 as against Rs 60.99 per US$ on 15.09.2014. 
The table below gives details in this regard
Price on Sep 16, 2014 (Previous trading day i.e. 15.09.2014)                                                                  
Pricing Fortnight for 16.09.2014
(Aug 27 to Sep 11, 2014)
Crude Oil (Indian Basket)
95.92             (95.50)
5860.71           (5824.55)
Exchange Rate
60.10              (60.99)


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