Press Release (PPS) - 14 February 2017



The Petroleum Pricing Committee (PPC) met on Tuesday 14 February 2017 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), approved that the retail prices be increased as per Regulation 5(3):


Product
Retail Price
(Rs/Litre)
Mogas
42.70
Gas Oil
32.45


The last revision in prices of Mogas and Gas Oil was on 4 February 2016 when the retail prices of Mogas and Gas Oil were fixed at Rs38.85 and Rs29.50 per litre respectively. The reference prices used at that time were US$412.09 per M.Ton for Mogas and US$41.76 per USBBL for Gas Oil. Since then, there has been an upward trend in the FOB prices on the world market. To maintain these retail prices unchanged, funds from the Price Stabilisation Accounts (PSAs) were used. However, as the balance in the PSA has been depleted, there is no other option than to increase the prices. Therefore, the retail prices of Mogas has been increased by Rs 3.85 or 9.91% and that of Gas Oil has been increased by Rs 2.95 or 10 %. The new retail prices are effective as from 00.00 hr on Wednesday 15 February 2017.


The evolution of the FOB prices of Mogas and Gas Oil are shown below:


Graph 1 – Mogas


  • Graph 2 – Gas Oil


  • Based on the new Reference Prices, the retail prices of Mogas and Gas Oil should have been increased by Rs 7.9471 or 20.46% and Rs 7.3818 or 25.02% respectively. However,the increases have been restricted to 10% in accordance with the regulations, as shown below:



    Mogas
    Gas Oil
    Reference Price - US$ per metric ton
    553.4200
    -
    Reference Price - US$ per barrel
    -
    63.9700
    CIF - US$/litre
    0.4534
    0.4294
    Exchange rate - Rs/ US$
    36.5000
    36.5000
    Rupees per litre
    CIF
    16.5491
    15.6731
    Excise duty
    10.8000
    3.3000
    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 Build Mauritius Fund
    4.0000
    4.0000
    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
    Fund from Price Stabilisation Account
    (3.5627)
    (3.8537)
    TRANSFER PRICE TO OIL COMPANIES
    33.4964
    24.7794
    Oil Companies' operational expenses and wholesale margin
    1.8200
    1.6600
    VAT (15%)
    5.5696
    4.2326
    WHOLESALE PRICE
    40.8860
    30.6720
    Retail margin (Filling station's margin)
    1.8140
    1.7780
    RETAIL PRICE (Price at Petrol Service Station)
    42.7000
    32.4500




    14 February 2017