Despite petrol price hike, Rs 1.37 lakh crore shortfall:Patel

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New Delhi, Oct 21 (UNI) Though public sector oil marketing companies (OMCs) will realise additional revenue estimated at Rs 7,980 crore between June 5, 2008 and September 30 last following price increase, considerable under-recoveries remained, Minister of state for Petroleum and Natural Gas Dinsha Patel told the Rajya Sabha today.

Regarding the possibility of a decline in prices of petrol and diesel due to decline in crude oil in the country, the minister said that despite the last price hike, the under-recoveries of the OMCs on marketing of sensitive petroleum products that remained uncovered was at Rs 1.47 lakh crore, based on the prices of the second fortnight of October.

He told members, in a written reply, that while the gap in the price of a domestic LPG was Rs 322.14 per cylinder, the shortfall in the case PDS kerosene amounted to Rs 28.07 a litre, Rs 6.45 for a litre of diesel and Rs 2.37 for a litre of petrol.

Quoting figures, he said the profit earned after tax by OMCs, namely Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation during the past year totalled Rs 9,677.96 crore. In 2007-08, IOC earned PAT of Rs 6,962.52 crore, BPCL Rs 1,580.56 crore and HPCL Rs 1,134 crore, he added.

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