INDIANOIL PRESS RELEASE ON PRICE REVISION

Indian Oil Organization Ltd. has made the choice to decrease the  retail store costs of  Fuel w.e.f late night of 15th/16th April'13 by Rs. 1.00/litre (excluding VAT) and Rs. 1.20/ liter (including VAT).

Prices of petrol were reduced by Rs. 0.85/litre (excl VAT) and Rs.1.02/litre (incl VAT) w.e.f 3rd April'13. Since last price modify, the Worldwide costs of petrol have gone down from $ 119.23/bbl to $ 116.61/bbl. INR-USD return amount has however worsened a little bit from Rs 54.28/USD to Rs 54.51/USD during the same interval. Thus, it has been made the choice to complete on the advantage to clients and accordingly the aforesaid decrease in the retail store price range of Fuel is being impacted. It may be mentioned that the Organization has suffered failures of nearly Rs. 500 Crore (OMCs Rs. 1050 Crore) for selling of petrol in the last economical season.

In inclusion to failures for selling of petrol, OMCs are struggling under-recovery for selling of HSD (Retail) of Rs. 6.48/litre, SKO (PDS) of Rs.30.49/litre & LPG (Dom) of Rs.433.00/cyl.

The activity in international Essential Oil costs and INR-USD return amount is being supervised and choice on upcoming price changes shall be taken accordingly.

The information of present and improved costs of petrol for cities are given below:



                                          New Delhi    Mumbai   Chennai    Kolkata    Hyderabad    Bengaluru

 Proposed RSP   Rs/litre     66.09           72.88         69.08      73.48        72.14           72.63

Current RSP      Rs/litre      67.29           74.14         70.34      74.72        73.44            73.94

Decrease           Rs/litre      (1.20)           (1.26)        (1.26)     (1.24)       (1.30)            (1.31)