The Petroleum Pricing Committee (PPC) met on Thursday 6 August 2020 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 per Regulations 5(1)(b) &5(1)(c) as shown below:
|
Product |
Retail Price |
|
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).
Mogas (L’essence): Based on the Reference Price of US$389.04/metric ton for Mogas, that is, the actual prices for May-July 2020 & the future prices for August-October 2020 and an exchange rate of Rs40.25/US$, the retail price of Mogas should have been increased by Rs2.30 per litre or by 5.23%. However, as provided under Regulations 5(1)(c), the retail price of Mogas has been kept at its present level by using fund from the PSA.
Gas Oil (Diesel): Using the Reference Price of US$48.47/barrel, that is the actual prices for May-July 2020 & the future prices for August-October 2020 and an exchange rate of Rs40.25/US$ the retail price of Gas Oil has remained unchanged according to Paragraph 5(1)(b) of the Regulations since the percentage increase is 0.03%, i.e. below 4%.
Based on the new Reference Prices, the retail prices of Mogas and Gas Oil remain unchanged at Rs44.00/Litre and Rs35.00/Litre respectively as shown below:
|
|
Mogas |
Gas Oil |
|
Reference Price - US$ per metric ton |
389.0400 |
- |
|
Reference Price - US$ per barrel |
- |
48.4700 |
|
CIF - US$/litre |
0.3325 |
0.3288 |
|
Exchange rate – Rs/US$ |
40.2500 |
40.2500 |
|
|
Rupees per litre |
|
|
CIF |
13.3831 |
13.2342 |
|
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 |
|
Contribution to the COVID-19 Solidarity Fund |
4.0000 |
4.0000 |
|
STC's Operational Expenses |
0.3500 |
0.4000 |
|
Fund from Price Stabilisation Account |
(2.0022) |
- |
| Adjustment |
- |
(0.0094) |
|
TRANSFER PRICE TO OIL COMPANIES |
33.8409 |
26.1848 |
|
Oil Companies’ operational expenses and wholesale margin |
2.3500 |
2.1800 |
|
VAT (15%) |
5.7391 |
4.5652 |
|
WHOLESALE PRICE |
41.9300 |
32.9300 |
|
Retail margin |
2.0700 |
2.0700 |
|
RETAIL PRICE (Price at Petrol Service Station) |
44.0000 |
35.0000 |
6 August 2020