Business Daily from THE HINDU group of publications
Thursday, Nov 13, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Thursday, Nov 13, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Petroleum Fuel price cut only after crude prices, rupee stabilise: Deora Our Bureau New Delhi, Nov. 12 The Government would consider reducing the domestic retail selling prices of petroleum products only when global crude prices and the rupee stabilise, the Petroleum Minister, Mr Murli Deora, said here on Wednesday. “We will review fuel prices once rupee-dollar parity and crude oil stabilise at levels sustainable to the public sector oil marketing companies,” Mr Deora said. The global crude prices have soften to the range of $ 59-$60 a barrel from a record high of more than $ 147 a barrel in July. The Indian crude basket on Tuesday hit a new low for the fiscal at $ 53.26 a barrel. This however has not resulted in gains for public sector refiners as the benefit has been offset by the depreciation of rupee. The public sector oil marketing companies (OMCs) — Indian Oil Corporation, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd — are still incurring revenue loss on sale of diesel, LPG, and kerosene below the cost price. Though the companies are now making profit on the sale of petrol they continue to lose about Rs 155 crore daily on sale of the other three products. The companies are losing Rs 0.96 a litre diesel, Rs 22.40 a litre on kerosene and Rs 343.49 a cylinder on LPG. They are making a profit of Rs 4.12 a litre on petrol. More Stories on : Petroleum | Forex
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