The Petroleum Pricing Committee (PPC) met on Friday 4 October 2019 and after verification of the computation of the retail prices of Mogas and Gas Oil, as provided for under Regulations 8 of the Consumer Protection (Control of Price of Petroleum Products) Regulations 2011 (as amended), approved that the retail prices be maintained at their present level as shown below as per Regulations 5(1)(b) and 5(1)(c):

Product       

Retail Price
Rs / Litre

Mogas

44.00

Gas Oil

35.00


The Committee took note of the evolution of world prices of Mogas and Gas Oil and the status of the Price Stabilisation Account (PSA) which has a positive balance of Rs345.7 million on 4 October 2019.

Based on the Reference Price of US$595.65 per M.Ton for Mogas , that is, the actual prices for July to September 2019 and the future prices for October to December 2019 and an exchange rate of Rs37.00/US$, the retail price of Mogas should have been increased by Rs2.65 per litre or by 6.02%. However, as provided under Regulations 5(1)(c), the retail price of Mogas has been maintained by using fund from the PSA.

The Reference Price of US$75.90 per barrel, that is the actual prices for July to September 2019 and the future prices for October to December 2019 and an exchange rate of MUR37.00/US$ shows an increase in the retail price by Rs1.10 per litre or by 3.14%. As the increase is less than 4%, the retail price is maintained at its present level in line with Regulations 5(1)(b).

The evolution of the world prices of Mogas and Gas Oil since 11 June 2019 is shown in the graphs below:                                          

                                                         Graph 1 - Mogas                                                                                                                                         

                                                


                                                Graph 2 - Gas Oil

                                                                     


Based on the new Reference Prices, the retail prices of Mogas and Gas Oil are maintained at Rs44.00 per litre and Rs35.00 per litre respectively as shown below:

                         

Mogas

Gas Oil

Reference Price  - US$ per metric ton

595.6500

 -

Reference Price  - US$ per barrel

-

75.9000

CIF - US$/litre

0.4873

0.5014

Exchange rate – Rs/US$

37.0000

37.0000

 

                     Rupees per litre

CIF

18.0301

18.5518

Excise duty

12.2000

4.7000

Contribution to Road Development Authority

1.8500

1.7500

Contribution to Rodrigues transportation and storage

0.4100

0.4100

Contribution to the construction of storage facilities for petroleum products

0.6500

0.5000

Contribution to subsidy on LPG, Flour and Rice

3.0000

1.2000

STC’s operational expenses

0.3500

0.4000

Fund from Price Stabilisation Account

(2.2832)

(0.9250)

TRANSFER PRICE TO OIL COMPANIES

34.2069

26.5868

Oil Companies’ operational expenses and wholesale margin

2.1500

1.9800

VAT (15%)

5.7391

4.5652

WHOLESALE PRICE

42.0960

33.1320

Retail margin

1.9040

1.8680

RETAIL PRICE (Price at Petrol Service Station)

44.0000

35.0000

 

04 October 2019