IndianOil modifies MS (Petrol) Prices

IndianOil's cross-country network of crude Oil and product pipelines is spread over 10,000 Km. The Corporation handles the largest network of petrol and diesel stations in the country. End Quote

(1888PressRelease) September 21, 2011 - Due to combination of unprecedented factors, IndianOil has been constrained to revise the price of MS (Petrol). The new prices will be effective from midnight today

The factors resulting in to the revision of the MS price are increase in the international price (FOB) of MS and devaluation of rupee. The FOB for MS was $119.41 per bbl in the last fortnight, which has gone up to 125.18 pr bbl, an increase of 4.8%. Similarly the Exchange rate has gone up from Rs. 45.67 / USD to Rs. 46.29 / USD .These factors have resulted in increase of under recovery on MS to Rs 2.61 per litre from Rs.0.41 per litre on 1st September 2011.

The impact due to exchange rate is Rs 0.48 and due to increase in International prices is Rs 1.72 per lt. The balance impact of Rs 0.53 is due to VAT. The increase is Rs 3.14 per litre in Delhi

The revised retail selling price per litre of MS in the four metros from midnight of today will be :

New Delhi - Rs 66.84
Kolkata - Rs 71.28
Mumbai - Rs 71.92
Chennai - Rs 70.82

Loss on MS sales till 15th Sep'11 was Rs 2427 Crs for the industry which was not passed on to the customers. If the prices had not been revised the loss to the Oil Marketing Companies (OMC) Industry would have been Rs 15 Crs per day.

However, on other sensitive petroleum products, no price hike has been effected even though the OMCs are already having an under recovery of Rs 263 Crs per day. The details are as under:

HSD Rs 6.05 per litre
SKO PDS Rs 23.25 per litre
LPG Dom Rs 267 per cylinder

Till date cumulative under recovery for the Oil companies on the above three sensitive products is Rs 61000 crs approximately. For more details visit our site :- http://www.iocl.com

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