Financial Daily from THE HINDU group of publications
Wednesday, Apr 02, 2003
Financial Daily from THE HINDU group of publications Wednesday, Apr 02, 2003 |
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Petroleum Industry & Economy - Petroleum Oil refiners to be paid full market prices Balaji C. Mouli
NEW DELHI, April 1 OIL refiners will, from today, get full market prices for the petrol, diesel, LPG and kerosene they sell to the oil marketing companies, according to industry sources. The prices paid to the refiners on kerosene and LPG were capped in November last year. From February 15 onwards, the capping was done on petrol and diesel prices also. By capping the prices, the burden of under-recovery of costs from the consumers was being partly shared by the refiners also. This was because the Government restrained the marketing companies from raising prices of LPG and kerosene while the global crude and product prices kept rising. This will directly improve the revenues of Reliance Petroleum Ltd and Manglaore Refineries and Petrochemicals Ltd (MRPL) since they are the only stand-alone refiners. The other refineries are either integrated with marketing companies like Bharat Petroleum Corporation Ltd's (BPCL) refineries or aligned to it like in the case of Chennai Petroleum Corporation Ltd, which is a subsidiary of Indian Oil Corporation (IOC).
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