The Minister of State for Petroleum and Natural Gas Shri R.P.N. Singh informed the Rajya Sabha in written reply today that the Public Sector Oil Marketing Companies (OMCs) have not revised the price of the Petrol since 1st December, 2011 in spite of sharp increase in international prices of petroleum products. The current Retail Selling Price (RSP) of Petrol in Delhi is Rs 65.64 since 1st December, 2011. He added that Indian Oil Corporation Limited (IOCL) has reported that there is an under recovery of RS 7.17 per litre on sale of Petrol.
The Minister also said that in order to mitigate losses on sale of Petrol, OMCs have, inter alia, suggested to the Government to either declare Petrol as a ‘regulated’ product temporarily and provide 100% cash compensation or to reduce the Excise Duty on Petrol from RS 14.78/litre by an amount equivalent to the under-recovery on Petrol . Ministry of Petroleum and Natural Gas has taken up the matter with the Ministry of Finance. Shri Singh added.
The Minister also said that in order to mitigate losses on sale of Petrol, OMCs have, inter alia, suggested to the Government to either declare Petrol as a ‘regulated’ product temporarily and provide 100% cash compensation or to reduce the Excise Duty on Petrol from RS 14.78/litre by an amount equivalent to the under-recovery on Petrol . Ministry of Petroleum and Natural Gas has taken up the matter with the Ministry of Finance. Shri Singh added.
