The Petroleum Pricing Committee (PPC) met on Tuesday 14 September 2021 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 maintained at their present level as shown below as per Regulation 5(1)(d):
Product Retail Price Rs / Litre
Mogas (L’essence) 50.70
Gas Oil (Diesel) 37.30
The Committee took note of the evolution of world prices of Mogas and Gas Oil and the status of the Price Stabilisation Account (PSA) which has a positive balance.
Mogas (L’essence): Based on the Reference Price of US$697.36 per metric ton for Mogas, that is, the actual prices for June to August 2021 and the future prices for September to November 2021 and an exchange rate of Rs42.90/US$, the retail price of Mogas should have been increased by Rs8.06 per litre or by 15.91%. However, as provided under Regulation 5(1)(d), the retail price of Mogas has been maintained at its current level of Rs50.70 per litre by using funds from PSA.
Gas Oil (Diesel): The Reference Price of US$78.57 per barrel, that is, the actual prices for June to August 2021 and the future prices for September to November 2021, and an exchange rate of Rs42.90/US$, results in an increase in the retail price of Gas Oil by Rs10.28 per litre or by 27.57%. However, the retail price of Gas Oil has been maintained at its current level of Rs37.30 per litre by using funds from PSA.
The evolution of the world prices of Mogas since 1 July 2021 is shown in the graph below:
Based on the new Reference Prices, the retail prices of Mogas and Gas Oil are maintained at Rs50.70 per litre and Rs37.30 per litre respectively as shown below:
