Pursuant to Regulation 8 of the Consumer Protection (Control of Price of Petroleum Products) Regulations 2011 as amended, the Petroleum Pricing Committee (PPC) has, on 7 April 2020, verified the correctness of the retail prices of Mogas (Motor Gasoline) and Gas Oil (Diesel) as computed by the State Trading Corporation (STC) after including the item “Contribution to the COVID-19 Solidarity Fund” at the rate of Rs 4.00 per litre in the price structures of both Mogas and Gas Oil. On the basis of information and documents provided by STC, the PPC approved that the retail prices of Mogas and Gas Oil be maintained as follows as per Regulation 5(1) (a) and 5(1) (b):
|
Product |
Retail Price |
|
Mogas |
44.00 |
|
Gas Oil |
35.00 |
Based on the new Reference Prices, the new price structures of Mogas and Gas Oil are as shown below:
|
|
Mogas |
Gas Oil |
|
Reference Price - US$ per metric ton |
353.4900 |
- |
|
Reference Price - US$ per barrel |
- |
48.8100 |
|
CIF - US$/litre |
0.3059 |
0.3310 |
|
Exchange rate – Rs/US$ |
40.0000 |
40.0000 |
|
|
Rupees per litre |
|
|
CIF |
12.2360 |
13.2400 |
|
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 |
|
Adjustment |
(0.4891) |
0.3868 |
|
TRANSFER PRICE TO OIL COMPANIES |
34.2069 |
26.5868 |
|
Oil Companies’ operational expenses and wholesale margin |
2.1500 |
1.9800 |
|
VAT (15%) |
5.7391 |
4.5652 |
|
WHOLESALE PRICE |
42.0960 |
33.1320 |
|
Retail margin |
1.9040 |
1.8680 |
|
RETAIL PRICE (Price at Petrol Service Station) |
44.0000 |
35.0000 |
07 April 2020