Business Daily from THE HINDU group of publications
Friday, Nov 07, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Friday, Nov 07, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Petroleum ‘No fuel price cut under consideration as of now’ Our Bureau New Delhi, Nov. 6 In spite of global crude prices softening, the customers of auto and cooking fuel will have to wait for sometime before there is any cut in retail selling price of these products. The Petroleum Secretary, Mr R.S. Pandey, said, the Government is not considering any fuel price cut at the moment as public sector oil marketing companies are still incurring revenue loss on sale of various petroleum products. “I am not aware of cuts in fuel prices. At present, the reduction is not under active consideration. The oil marketing companies have incurred huge losses in the last quarter. You have to take everything into consideration before taking any decision,” he said. While margins on sale of petrol have turned positive, but there were under-recoveries on sales of other products such as diesel, domestic LPG and kerosene. Besides, the rupee-dollar parity is also to be taken into account, he pointed out. Asked at what level the Government would be comfortable to consider a price cut, he said, “international oil prices were fluctuating on a day-to-day basis; it is very difficult to say”. The public sector oil marketing companies — Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation — are projected to lose Rs 1,28,135 crore on fuel sales during the current fiscal. The Indian crude basket hit its low of current fiscal on October 28 at $56.72 a barrel. The basket on Wednesday stood at $60.10, a barrel up from previous day’s $58.62. The basket for April till November 5 has averaged $108.74 a barrel. The October average stood at $69.12 a barrel. More Stories on : Petroleum
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