PETROL, DIESEL PRICES UP

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The PSU Oil Marketing Companies (IOCL, HPCL and BPCL) have been moderating the impact of high oil prices, which have touched record highs and are currently at approximately $90 per barrel. This has resulted in OMCs incurring under-recoveries amounting to more than Rs. 71,000 crores.

To protect the common man from the inflationary impact of high international oil prices, Government has been following the principle of equitable burden sharing wherein the burden of high oil prices is equitably shared amongst the three stake holders namely the Government, PSU oil companies and consumers, with the Government and the PSU oil companies taking the major portion of the burden.

Previously, Government had reduced the retail prices of petrol and diesel by Rs. 4/litre and Rs.2/litre in two consecutive reductions of Rs. 2/litre and Re 1/litre respectively in November 2006 and February 2007. In line with the principle of equitable burden sharing, Government has decided a partial restoration in retail prices where in an increase of Rs.2/litre for petrol and Re.1/litre for diesel may be made in the retail selling prices (at Delhi) with effect from 15.2.2008. Increases in other locations will be made in line with net increase at Delhi and applicable taxes and duties.

Keeping its commitment to the common man, no increase has been made in the prices of PDS kerosene and domestic LPG.

In addition, Government will issue the required quantum of oil bonds to ensure good financial health of PSU oil marketing companies.

Government is committed to protecting the interests of the common man as well as the ensuring financial health of the PSU oil marketing companies which is essential for energy security of the country.

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