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Our Bureau

New Delhi, Nov. 15 Oil Sector Officers Association (OSOA), representing around 50,000 executives of the 14 public sector oil companies, has threatened an indefinite strike from Tuesday to press for pay revision.

According to estimates made by the OSOA, the oil companies together will stand to lose around Rs 1,125 crore a day in terms of revenue because of the strike which would lead to cut in production and the Centre would lose more than Rs 100 crore in excise duty a day.

According to a release issued by the OSOA, “In the upstream, the loss of revenue on account of loss of crude production, sale of gas and value added products will be to the tune of Rs 183 crore a day for ONGC alone and more than Rs 225 crore a day in all.”

“In the down stream, the revenue loss is likely to be around Rs 600 crore a day for IOC alone and more than Rs 900 crore for all the oil marketing companies together. The loss in excise duty is expected to be more than Rs 100 crore a day,” the release said.

OSOA demands include bringing all oil sector PSUs under the A+ category, introduction of open-ended scale, removal of 50 per cent ceiling on perks and allowances, five year periodicity and the same annual and promotional increment levels of four and six per cent respectively.

The Ministry of Petroleum and Natural Gas has agreed to the demands made by the officers association and has recommended the same to the Department of Public Enterprises for consideration.

More Stories on : Trade & Labour Unions | Petroleum

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