The Under recovery of Oil Marketing companies for the year 2012-13 is expected to be higher than last year at 1 lakh 87 crore rupees. Speaking at the Economic Editors Conference in New Delhi, the Petroleum and Natural Gas Minister Jaipal Reddy said, the recent hard decisions on diesel price hike and cap on subsidized LPG cylinder were taken under severe pressure to contain fiscal deficit and make scarce resources available to priority sectors. Mr. Reddy pointed out that the country is heavily dependent on import of Oil and the international Oil prices had never stayed very high for such a long time. He said, the Indian rupee had also depreciated from 44.42 in July 2011, to 57.22 in June this year. The Petroleum Minister said, the prices of petro products are linked to the International Oil prices and the Oil Marketing Companies, review and decide on the prices of petro products.The Oil Minister also ruled out any further increase in the prices of diesel, cooking gas (LPG) and kerosene this fiscal.The government had last month hiked diesel price by Rs 5.62 per litre and restricted the supply of subsidised LPG to 6 cylinders per household in a year. Oil PSUs currently lose Rs 11.65 per litre on diesel, Rs 33.93 on kerosene sold through PDS and Rs 468.50 per 14.2 kg domestic cooking gas cylinder.Reiterating the UPA government's commitment to making available, essential fuels particularly to the common man at affordable prices, Mr Reddy said, there are 142 million LPG Customers and three million deliveries are done every day. He said, the delivery of cylinders will be recorded in the Blue book and the all LPG customers will be connected through mobile phone numbers and SMS. The Minister also said, the process of de-duplication of customers is in progress to prevent leakage.
News On AIR | October 9, 2012 7:05 PM
Under recovery of Oil Marketing companies for 2012-13 expected to be higher than last yr