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 |
|
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