Financial Daily from THE HINDU group of publications
Friday, Jan 13, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 13, 2006 |
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Industry & Economy
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Petroleum IOC's Q3 uncovered subsidy at Rs 5,015 cr Our Bureau
Mumbai , Jan.12 INDIAN Oil Corporation has seen its third quarter under recovery for kerosene and LPG touch Rs 3,713 crore. With the company's third quarter under realisation for petrol and diesel touching Rs 1,302 crore, the total uncovered subsidy during the quarter has been put at Rs 5,015 crore. The under recovery of kerosene was Rs 12.86 per litre during the October-December period while that in the case of LPG was Rs 177 per cylinder. While kerosene accounted for a shortfall of Rs 2,259 crore during the third quarter, in the case of LPG it was Rs 1,454 crore. With this, the under recovery during the first nine months of the fiscal for the two commodities has touched Rs 7,300 crore. In the case of the petrol-diesel under realisation, diesel accounted for the lion's share with Rs 1,116 crore and petrol Rs 186 crore. The per litre under realisation in the case of petrol was Rs 1.87 and for diesel it was Rs 2.16. Thus, the first nine months saw the aggregate under realisation for petrol and diesel touch Rs 5,530 crore - diesel accounting for Rs 4,700 crore and petrol, Rs 830 crore. Dr N.G. Kannan, Director (Marketing), IOC and Managing Director, IBP, told the media here on Thursday that there was no delay in the IOC-IBP merger. "It is on fast track. It cannot materialise before March 31 owing to procedural delays. It is more likely to materialise during April-June 2006," he said. He said IBP was a loss-making company now and IOC had not envisaged the kind of drain it would have become for IOC at the time of deciding the swap ratio. This had led IOC to revise the swap ratio from 125 shares to 110 shares against every 100 IBP shares.
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