India's import prices for crude oil has climbed from $104 a barrel in
the last fortnight of January to $107.84 as on February 19, according to
Ministry of Petroleum and Natural Gas.
NEW DELHI (Commodity Online):
The recent rally in
crude oil prices have once again raised concerns on the pressure it
could put on current account deficit and mounting fuel subsidies.
India's import prices for crude oil has climbed from $104 a barrel in
the last fortnight of January to $107.84 as on February 19, according
to Ministry of Petroleum and Natural Gas. In rupee terms prices have
risen to Rs 6699.02 per bbl on February 19 as compared to Rs 6661.75 per
bbl on Feb 18th. This was due to price rise in dollar terms. Rupee
dollar exchange at remained unchanged at weaker at Rs 62.12 per US$ on
19.02.2014 as on the precious’s trading on 18.02.2014.
India's Finance Minister in his interim budget for 2014-15 had
announced Rs 65,000 cr as fuel subsidy. Despite the recent increase in
prices of diesel by oil marketing companies, under recoveries on account
of sale of diesel continues to be high at Rs 7.40 per litre.
Indian Oil, India's largest oil marketing company, had reported a net loss of Rs. 961 crore on Income from Operations of Rs. 1,17,672 crore for the quarter ended 31.12.2013. During the corresponding period in the previous year, the Corporation reported a net profit of Rs. 3,332 crore on Income from Operations of Rs. 1,16,700 crore. The decrease in profit is mainly on account of net under realization of Rs. 7,193 crore in current quarter as compared to over recovery of Rs. 408 crore received during Oct-Dec’12 for earlier quarters.
For the year 2013-14, Indian Oil is expected to incur under-recovery of around Rs. 73,700 crore on sale of three sensitive products (Industry around Rs. 1,42,000 crore)
Indian Oil, India's largest oil marketing company, had reported a net loss of Rs. 961 crore on Income from Operations of Rs. 1,17,672 crore for the quarter ended 31.12.2013. During the corresponding period in the previous year, the Corporation reported a net profit of Rs. 3,332 crore on Income from Operations of Rs. 1,16,700 crore. The decrease in profit is mainly on account of net under realization of Rs. 7,193 crore in current quarter as compared to over recovery of Rs. 408 crore received during Oct-Dec’12 for earlier quarters.
For the year 2013-14, Indian Oil is expected to incur under-recovery of around Rs. 73,700 crore on sale of three sensitive products (Industry around Rs. 1,42,000 crore)
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