The Petroleum Pricing Committee (PPC) met on Friday 13 April 2018 and after verification of the computation of the retail prices of Mogas and Gas Oil, as provided for under Regulation 8 of the Consumer Protection (Control of Price of Petroleum Products) Regulations 2011 (as amended), decided that the retail prices be maintained as follows as per Regulation 5(3):

Product       

Retail Price
Rs / Litre

Mogas

47.30

Gasoil

38.10


At the PPC meeting of 20 December 2017, the retail price of Mogas was fixed at Rs47.30 per litre and that of Gas Oil at Rs38.10 per litre. The Reference prices used at that time were US$600.39 per M.Ton for Mogas and US$72.22  per Barrel  for Gas Oil. The Price Stabilisation Account (PSA) had a negative balance of Rs333 million as stated in the press release of 20 December 2017. Since then, the deficit in the balance of the PSA has been reduced to Rs180.2 million as at 13 April 2018.

The Reference prices used for the present exercise, that is, the actual price for January to March 2018 and the future prices for April to June 2018 are US$664.41 per M.Ton for Mogas representing an increase of US$64.02 per M.Ton (10.66%) and US$78.81 per Barrel for Gas Oil representing an increase of US$6.59 per Barrel (9.12%) compared to December 2017.The calculated retail prices of both Mogas and Gas Oil have increased. However, since the increases are below 4%, their retail prices are maintained at their current levels, as per Regulations. Based on the new Reference prices, the retail prices of Mogas and Gas are as shown below:

 

                         

Mogas

Gas Oil

Reference Price  - US$ per metric ton

664.41

 -

Reference Price  - US$ per barrel

-

78.8100

CIF - US$/litre

0.5336

0.5194

Exchange rate – Rs/US$

34.2000

34.2000

 

                     Rupees per litre

CIF

18.2491

17.7635

Excise duty

14.8000

7.3000

Maurice Ile Durable levy

0.3000

0.3000

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

0.1000

0.1000

Contribution to subsidy on LPG, Flour and Rice

2.7000

2.7000

STC’s operational expenses

0.3500

0.4000

Adjustment

(1.3927)

(1.1511)

TRANSFER PRICE TO OIL COMPANIES

37.3664

29.5724

Oil Companies’ operational expenses and wholesale margin

1.9300

1.7600

VAT (15%)

6.1696

4.9696

WHOLESALE PRICE

45.4660

36.3020

Retail margin

1.8340

1.7980

RETAIL PRICE (Price at Petrol Service Station)

47.3000

38.1000

 

13 April 2018