Business Daily from THE HINDU group of publications
Wednesday, Jul 25, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Jul 25, 2007 ePaper |
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Industry & Economy
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Petroleum
Our Bureau New Delhi, July 24 ONGC, Oil India Ltd (OIL)and GAIL (India) Ltd, may have to fork out close Rs 4,304 crore in the first quarter of the current fiscal, towards burden sharing mechanism. Sources said, ONGC will have to pay about Rs 3,649 crore (down from Rs 5,120 crore in first quarter last fiscal), and OIL Rs 383 crore. GAIL (India) will have to give Rs 272 crore down from Rs 292 crore in the corresponding quarter last year. Out of this Rs 4,304 crore, Indian Oil Corporation (IOC) is expected to get about Rs 2,440 crore, Hindustan Petroleum Corporation (HPCL) Rs 901 crore and Bharat Petroleum Corporation (BPCL) Rs 963 crore. With the surge in crude prices, state-owned oil marketing companies like IOC, HPCL and BPCL are losing close to Rs 180 crore every day on sale of petrol, diesel, PDS kerosene and domestic cooking gas. They are suffering revenue loss of Rs 5.90 a litre on petrol, Rs 4.80 on diesel, Rs 14.65 on kerosene and Rs 189.15 per LPG cylinder. The Petroleum Ministry is seeking oil bonds worth Rs 19,000 crore to absorb a third of the impact of the surge in international oil prices. An equal amount of Rs 19,000 crore would be shared by the upstream companies like ONGC and OIL by way of discount of crude they sell to refiners, while the rest would be absorbed by retailers and consumers. Under-realisation on fuel sale is anticipated to amount to Rs 55,000 crore in 2007-08.
More Stories on : Petroleum | Oil & Natural Gas Corporation Ltd | GAIL (India) Ltd
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