The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that the pricing of Petrol and Diesel in domestic market is linked with international price of Petrol and Diesel and not with the price of crude oil. During the period when crude oil price was around $120/bbl, the price of Petrol and Diesel in international market and domestic market were as under:
* Diesel being regulated product; OMCs were incurring under-recovery of around ` 14 per litre in May, 2012. In addition to domestic RSP.
** RSP at Delhi
As per available information, the details of total quantity of crude oil imported by OMCs during 2012 -13 to 2014-15 (provisional) along with value in million US $ and Indian ` (in Crore) is given in Annexure .
The Retail Selling Price of Petrol and Diesel is based on the International prices of Petrol and Diesel, Trade Parity Pricing methodology is applied to compute the Retail Selling Prices. The Refinery Transfer Price (RTP) of Petrol and Diesel constitute around 46% and 55% of the Retail Selling Price respectively. Many of the remaining cost elements viz. Excise Duty, BS IV premium, marketing cost and margins etc. are specific costs which do not increase/decrease with the volatility in international prices of Petrol and Diesel.
Annexure referred to in reply to parts (b) to (d) of the Rajya Sabha Unstarred Question No.268 asked by Shri Neeraj Shekhar and Shri Arvind Kumar Singh answered on 22nd July, 2015 regarding “Price of petroleum products in domestic vis-a-vis in International market”.
Import of Crude by OMCs
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