The Petroleum Pricing Committee (PPC) met on Friday 13 December 2024 to implement the Government’s decision to reduce the retail prices of Mogas and Gas Oil by Rs 5.00 per litre each. The Committee took note of the Government's decision to reduce Excise Duty on Mogas and to amend Regulations 5 of the Consumer Protection (Control of Price of Petroleum Products) Regulations 2011 (as amended) in order to bring a decrease in the retail prices of both Mogas and Gas Oil. After verification of the computation of the retail prices of Mogas and Gas Oil, as provided for under the Regulations the PPC recommended for approval by the Minister, that the retail prices be decreased as from 14 December 2024 as follows:
|
Product |
Retail Price |
|
Mogas |
61.20 |
|
Gas Oil |
58.95 |
The Reference prices used for the present exercise, are the actual prices for September to November 2024 and the future prices for December 2024 to February 2025 are US$695.27 per M.Ton for Mogas and US$86.79 per barrel for Gas Oil.
The committee took note of the status of the Price Stabilisation Account (PSA) which has an estimated negative balance of Rs 3.4 billion as at 13 December 2024 as shown hereunder:
It is to be highlighted that the above deficits pertain only to Mogas and Gas Oil and not to the other operations of STC.
The evolution of the FOB prices of Mogas and Gas Oil since September 2024 are shown below:
Graph 1 - Mogas
Graph 2 - Gas Oil
Based on the new Reference Prices and changes in the price structures, the retail prices of Mogas and Gas Oil are Rs 61.20 per litre and Rs58.95 per litre respectively as shown below. The new retail prices are effective as from 00.00 hr on Saturday 14 December 2024.
|
|
Mogas |
Gas Oil |
|
Reference Price - US$ per Metric Ton |
695.2700 |
- |
|
Reference Price - US$ per barrel |
- |
86.7900 |
|
CIF - US$/litre |
0.5945 |
0.6015 |
|
Exchange rate – Rs/US$ |
47.5021 |
47.5021 |
|
|
Rupees per litre |
|
|
CIF |
28.2400 |
28.5725 |
|
Excise duty |
9.8700 |
4.2200 |
|
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 |
0.0500 |
0.0500 |
|
Contribution to Subsidy on LPG, Flour and Rice |
7.2000 |
7.2000 |
|
STC’s Operational Expenses |
0.3500 |
0.4000 |
|
Fund to /(from) Price Stabilisation Account |
(0.1026) |
3.4784 |
|
TRANSFER PRICE TO OIL COMPANIES |
47.8674 |
46.0809 |
|
Oil Companies’ Operational Expenses and Wholesale Margin |
2.3500 |
2.1800 |
|
VAT (15%) |
7.9826 |
7.6891 |
|
WHOLESALE PRICE |
58.2000 |
55.9500 |
|
Retail Margin |
3.0000 |
3.0000 |
|
RETAIL PRICE (Price at Petrol Service Station) |
61.2000 |
58.9500 |
13 December 2024