Oil Companies after meeting the domestic demand, export surplus production of petroleum products says, Rameswar Teli

New Delhi : The Minister of State for Petroleum and Natural Gas,  Rameswar Teli in a written reply to a question in the Rajya Sabha today informed that the Oil Companies after meeting the domestic demand, export surplus production of petroleum products. The details of export of petroleum products by Oil Public Sector refineries and Private Sector refineries (quantity as well as value) during the last two years are as under:-

Oil Companies export major petroleum products viz. High Speed Diesel, Motor Spirit, Aviation Turbine Fuel, Naphtha, etc to various countries like United Arab Emirates, Singapore, China, United States of America, Turkey, Nepal, Malaysia, Netherlands etc.

Prices of petrol and diesel are market-determined with effect from 26.06.2010 and 19.10.2014 respectively. Since then, the Public Sector Oil Marketing Companies (OMCs) have been taking appropriate decision on pricing of petrol and diesel on the basis of international product prices and other market conditions. The OMCs have increased and decreased the prices of petrol and diesel according to changes in international prices and rupee dollar exchange rate. Effective 16th June, 2017, daily pricing of petrol and diesel has been implemented in the entire country.  The prices of petrol in the States across the country varies due to freight rates, VAT/local levies etc.

Prices of LPG in the country are based on Saudi Contract Price (CP), the benchmark for international prices of LPG. Saudi CP has risen approximately 258% from April, 2020 to November, 2021 (236 USD/MT to 846 USD/MT). However, for domestic LPG the Government continues to modulate the effective price to consumer to insulate the common man from rise in international prices.