News Release Details

Press Release on MS Prices
New Delhi 23-Jul-2012

MS prices have been decontrolled by the Govt of India w.e.f 25.06.10 and since then the Oil Marketing Companies (OMCs) are free to fix the selling price of petrol. It has been decided by Indian Oil Corporation to increase MS prices by Rs. 0.70/litre (excluding state levies) w.e.f midnight of 23-24 July, 2012.

The said revision has been necessitated due to increasing international oil prices and movement in INR-USD exchange rate. The average price of Indian basket of crude for the relevant pricing period considered is $101.28/bbl while International MS price is $111.59/bbl. The Rupee-USD exchange rate is around Rs. 55.36/USD. At these levels, IOC is incurring losses of about Rs. 1.41/litre on MS sales in the domestic market. However, as the price movement is quite volatile, it has been decided that an increase of Rs. 0.70/litre (excluding state levies) may be effected at this juncture and the situation watched for some time depending upon which a further view will be taken at an appropriate time.

During current fiscal, the Corporation has already accumulated losses of Rs. 1053 crore (Industry: Rs. 2323 crore) on MS sales during the first two months due to high international oil prices, deterioration in USD-INR exchange rate & inability of OMCs to revise MS selling prices to desired level. In addition, HSD, SKO(PDS) and LPG (Dom) selling prices remain unchanged since June,2011 resulting in current level of under recovery of Rs. 10.01/litre on HSD, Rs. 27.20/litre on SKO(PDS) and Rs. 319/cylinder on LPG(Dom). At these levels, projected under recovery of IOC during 2012-13 for these three products is Rs. 86000 crores (Industry - Rs. 160000 crores). In these circumstances, the Corporation is unable to bear burden of any further losses.

As a consequence of the said revision, increase in selling price shall vary from Rs. 0.70/litre to Rs. 0.91/litre (including State levies) depending upon the State taxes. In the state of Delhi, the price increase will be Rs. 0.70/litre (impact of State tax shall be nil on the increase as per Delhi Govt. VAT exemption order dated 16^th June 2012). The price revision in other States will vary depending upon the respective rates of State VAT / Sales Tax.

Existing and Revised selling prices for metros are given below :

		New Delhi	Mumbai	Chennai	Kolkata	Hyderabad	Bengaluru
Proposed RSP	Rs./litre	68.48	74.23	73.16	73.61	75.80	77.30
Current RSP	Rs./litre	67.78	73.35	72.27	72.74	74.89	76.39
Increase	Rs./litre	0.70	0.88	0.89	0.87	0.91	0.91

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The term User shall refer to the user who is browsing the site. The term IndianOil shall refer to Indian Oil Corporation Limited. The term Site refers to www.iocl.com owned and monitored by IndianOil.
By using the Site, you agree to follow and be bound by the following terms and conditions concerning your use of the Site. IndianOil may revise the Terms of Use at any time without notice to you. Areas of the Site may have different terms of use posted. If there is a conflict between the Terms of Use and terms of use posted for a specific area of the Site, the latter shall have precedence with respect to your use of that area of the Site.
IndianOil may terminate User's access at any time for any reason. The provisions regarding to disclaimer of warranty, accuracy of information, and indemnification shall survive such termination. IndianOil may monitor access to the Site.
All content present on this site is the exclusive property of IndianOil. The software, text, images, graphics, video and audio used on this site belong to IndianOil. No material from this site may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from IndianOil. All rights not expressly granted herein are reserved. Unauthorized use of the materials appearing on this site may violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. IndianOil is a registered trademark of Indian Oil Corporation Ltd. This trademark may not be used in any manner without prior written consent from IndianOil.
IndianOil does not make any warranties, express or implied, including, without limitation, those of merchantability and fitness for a particular purpose, with respect to any information, data, statements or products made available on the Site.
The Site, and all content, materials, information, software, products and services provided on the Site, are provided on an "as is" and "as available" basis. IndianOil expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
IndianOil shall have no responsibility for any damage to User's computer system or loss of data that results from the download of any content, materials, information from the Site.
IndianOil may change or discontinue any aspect of its website at any time, including, its content or features. IndianOil reserves the right to change the terms and conditions applicable to use of the Site. Such changes shall be effective immediately upon notice, which shall be placed on the Site.
In no event will IndianOil be liable for damages of any kind, including without limitation, direct, incidental or consequential damages (including, but not limited to, damages for lost profits, business interruption and loss of programs or information) arising out of the use of or inability to use IndianOil's website, or any information provided on the website, or in the Products any claim attributable to errors, omissions or other inaccuracies in the Product or interpretations thereof. Some jurisdictions do not allow the limitation or exclusion of liability. Accordingly, some of the above limitations may not apply to the User.
User agrees to indemnify, defend and hold IndianOil harmless from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, arising out of or relating to any misuse by the User of the content and services provided on the Site.
The information contained in the Site has been obtained from sources believed to be reliable. IndianOil disclaims all warranties as to the accuracy, completeness or adequacy of such information.
IndianOil makes no warranty that: (a) the Site will meet your requirements; (b) the Site will be available on an uninterrupted, timely, secure, or error-free basis; (c) the results that may be obtained from the use of the Site or any services offered through the Site will be accurate or reliable.
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The Site provides links to web sites and access to content, products and services from third parties, including users, advertisers, affiliates and sponsors of the Site. You agree that IndianOil is not responsible for the availability of, and content provided on, third party web sites. The User is requested to peruse the policies posted by other web sites regarding privacy and other topics before use. IndianOil is not responsible for third party content accessible through the Site, including opinions, advice, statements and advertisements, and User shall bear all risks associated with the use of such content. IndianOil is not responsible for any loss or damage of any sort User may incur from dealing with any third party.