Untitled Document
Excon, Excon 2011 Biggest Construction Equipment Trade fair India.
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www.epcworld.in
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Oil And Gas |
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| 10/23/2009 09:00:00 AM |
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Mumbai, Oct (EPC News): With barely a week to go before their second quarter results are scheduled to be declared, IndianOil, Hindustan Petroleum Corporation and Bharat Petroleum Corporation have recovered their entire losses of Rs3,400 crore incurred on petrol and diesel from their upstream counterparts. |
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While the Oil and Natural Gas Corporation has contributed a lion’s share of Rs2,600 crore, Oil India and GAIL (India) have made good the balance Rs800 crore. This has come by way of discounts on crude and products supplied to the three refiners.
The outgo from the upstream sector was barely Rs 600 crore in the first quarter of this fiscal largely because losses on petrol and diesel were kept in check thanks to crude prices hovering under the $50-a-barrel mark till May.
However, since June, crude oil has been moving up steadily and has now touched levels of $80 a barrel. Should this continue, losses on petrol and diesel in the third quarter are estimated to touch Rs 5,000 crore which means ONGC, Oil India and GAIL will just have to fork out more.
EPC News Bureau
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