Oil Companies such as IOC, HPCL and BPCL fell over 1-2% as oil companies are projected to lose Rs208,000 crore on selling auto and cooking fuel at government controlled rates in 2012-13.
State-owned oil companies are projected to lose Rs208,000 crore on selling auto and cooking fuel at government controlled rates in 2012-13 as losses on diesel sales touched a record Rs16.16 per litre.
IOC, HPCL and BPCL are lose close to Rs670 crore per day on selling diesel, domestic LPG and kerosene at rates well below the cost, industry sources said. For the full 2012-13 fiscal, they are projected to lose Rs2,08,059 crore revenue.
With a spike in international oil prices, the three firms are losing a record Rs16.16 per litre on diesel, Rs32.59 a litre on kerosene and Rs570.50 per 14.2-kg LPG cylinder.
In addition, they lose about Rs9.18 a litre on sale of petrol, even though its pricing was freed from government control in June 2010.
Sources said petrol prices too have not been revised in step with cost to check inflation.
The three oil companies had lost Rs1,37,524 crore on selling diesel, domestic LPG and kerosene in 2011-12 fiscal.
The Finance Ministry, they said, has provided Rs45,000 crore as cash compensation (out of Rs97,313 crore oil firms lost in first three quarters of 2011-12). Upstream oil firms have provided another Rs37,000 crore.
For the full FY12, share of upstream firms like ONGC is likely to be about Rs53,000 crore and Oil Ministry wants the balance Rs40,000 crore (Rs1,37,524 crore minus Rs45,000 crore already received in cash subsidy and Rs53,000 crore from upstream companies) to be provided by the Finance Ministry, they said.
The ministry has separately asked for an additional Rs5,000 crore in cash subsidies for losses incurred on petrol sales in 2011-12.
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State-owned oil companies are projected to lose Rs208,000 crore on selling auto and cooking fuel at government controlled rates in 2012-13 as losses on diesel sales touched a record Rs16.16 per litre.
IOC, HPCL and BPCL are lose close to Rs670 crore per day on selling diesel, domestic LPG and kerosene at rates well below the cost, industry sources said. For the full 2012-13 fiscal, they are projected to lose Rs2,08,059 crore revenue.
With a spike in international oil prices, the three firms are losing a record Rs16.16 per litre on diesel, Rs32.59 a litre on kerosene and Rs570.50 per 14.2-kg LPG cylinder.
In addition, they lose about Rs9.18 a litre on sale of petrol, even though its pricing was freed from government control in June 2010.
Sources said petrol prices too have not been revised in step with cost to check inflation.
The three oil companies had lost Rs1,37,524 crore on selling diesel, domestic LPG and kerosene in 2011-12 fiscal.
The Finance Ministry, they said, has provided Rs45,000 crore as cash compensation (out of Rs97,313 crore oil firms lost in first three quarters of 2011-12). Upstream oil firms have provided another Rs37,000 crore.
For the full FY12, share of upstream firms like ONGC is likely to be about Rs53,000 crore and Oil Ministry wants the balance Rs40,000 crore (Rs1,37,524 crore minus Rs45,000 crore already received in cash subsidy and Rs53,000 crore from upstream companies) to be provided by the Finance Ministry, they said.
The ministry has separately asked for an additional Rs5,000 crore in cash subsidies for losses incurred on petrol sales in 2011-12.
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