Business Daily from THE HINDU group of publications
Thursday, May 24, 2007
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Business Daily from THE HINDU group of publications Thursday, May 24, 2007 ePaper |
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Corporate
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Performance IOC's April-May refining margin at $10 a barrel Our Bureau
Kolkata May 23 Riding on product price volatility, IOC has recorded average refining margin of $10 a barrel in April-May. The margins were higher at $11 in May. The high refining margin will compensate part of the losses in marketing. According to sources, IOC is currently losing Rs 5.40 a litre on petrol, Rs 4.40 on diesel, Rs 170 a cylinder of LPG and Rs 14.10 on kerosene. Under-recoveries in petrol and LPG have gone up by 15 paise a litre and Rs 3-4 a cylinder respectively in last three weeks due to volatility in international prices. While under-recoveries in diesel continue to be the same, losses in kerosene have come down marginally. Overall, the average daily marketing loss of the company is still ruling at Rs 80 crore a day, lower than the corresponding previous period. Petrol or motor spirit, in particular, has been maintaining an uptrend two months now, currently ruling at $91.35 a barrel in Singapore, up from $88.75 on May 1. In the last two months, petrol prices moved up by $13-14 a barrel in the international market. Diesel is now ruling at $82.45 (Singapore) and has been comparatively stable for a month.
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