What is under-recovery? Each month, CEF (the Central Energy Fund) tracks the gap between what it actually costs to import petrol and what the current pump price covers. When costs exceed the pump price, that gap is called an under-recovery — and the government closes it by raising the price at the next monthly adjustment. When pump price exceeds costs, it's an over-recovery and the price can drop. This running average gives an early signal of where prices are heading before the official announcement.