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
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).

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