Last Updated : 15 November 2012 at 19:40 IST
India OMC’s reduce Petrol prices by Rs 0.95 a litre
Source :Commodity Online
It may be noted that Oil Marketing Companies are bearing the burden of a loss of over Rs 2000 crore approximately on sale of MS during April-September 12 due to inability to change retail selling prices to the desired extent in line with market conditions, Indian Oil Corporation said.
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NEW DELHI (Commodity Online): India’s oil marketing companies (OMC) have reduced the price of petrol by Rs 0.95 per litre in view of the relatively stable oil prices although Rupee has been quite weak against US dollar recently.
India Oil Corporation in a release said that the trends in the international oil market and INR-USD exchange rate are being closely monitored and the same shall be reflected in future price changes. With the reduction in petrol prices, the price per litre in the nation's capital will fall to Rs 67.24 per litre, while in South Indian city of Chennai it would be Rs.70.57 per litre.
It may be noted that Oil Marketing Companies are bearing the burden of a loss of over Rs 2000 crore approximately on sale of MS during April-September 12 due to inability to change retail selling prices to the desired extent in line with market conditions, Indian Oil Corporation said.
As is known, in addition to loss on sale of MS, OMCs are also suffering under-recovery on sale of three sensitive petroleum products, namely HSD (Rs.9.84/litre), SKO(PDS) (Rs.31.30/litre) & LPG (Dom) (Rs.478.50/cyl). Projected under-recovery on these products is expected to cross Rs.160000 crore for the current year.
The previous reduction in petrol price was a 56-paise cut to Rs67.90 a litre on 9 October. Thereafter, the rate was hiked by 29 paise following the government’s decision to raise the commission paid to petrol pump dealers.
According to Ministry of Petroleum and Natural Gas, the landed cost of curde oil in India had fallen o to US $106.75 a barrel on Wednesday compared to US $107.63 on Monday.
In rupee terms also, crude oil price went down to Rs 5863.78 per bbl on 14.11.2012 as compared to Rs 5912.12 per bbl on 12.11.2012. This was due to fall in price in dollar terms. Rupee-dollar exchange rate on 14.11.2012 at Rs 54.93/US$ was same as prevalent on previous trading day of 12.11.2012. India depends on Brent Crude oil of North Sea to meet a major part of its fuel requirements.
