Petrol prices may rise by Rs 3 soon after UP polls
PrintListen to this Article
Petrol prices are expected to rise by about Rs 3 per litre early next month after the crucial assembly election in Uttar Pradesh, industry executives said on Monday.
Executives in Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum said petrol rates had not been revised for two months despite high international prices due to an informal government directive to hold the price line till elections.
On paper, petrol prices are decontrolled, denying state firms any compensation from the government for below-market sales, but this time, companies will seek compensation as they fear heavy losses because the government informally told them to freeze prices, executives said requesting anonymity.
IOC chairman RS Butola declined to comment on the timing and extent of the petrol price hike, but said the situation was difficult. "The company can't sustain for long. We will be forced to raise petrol prices if (international) prices prevail at this level ," he said, after announcing that the company's net profit rose 52% to Rs 2,488 crore in the quarter ended December 31, from a year ago.
Quarterly profit rose disproportionately because the government disbursed subsidy payments for two quarters simultaneously. In the nine months ended December 31, IOC posted a net loss of Rs 8,716 crore against a net profit of Rs 3,540 crore in the same period previous year.
Director for finance, PK Goyal, said the company will post a net profit for the fiscal year only if it is fully compensated by the government for the January-March quarter. The international price of petrol has risen to about $128 a barrel from $109 a barrel two months ago, when its prices were last revised, he said.
The price of Brent crude oil has risen above $118 a barrel, close to a six-month high. Butola said petrol prices currently were about Rs 3 less than market rates. Butola also said the company was likely to renew its term contract with Iran to import 1.5 million tones a year of crude oil. The company is a relatively small importer of Iranian crude compared to MRPL, HPCL and Essar Oil, which buy large quantities. (Economic Times)
Category : General | Comments : 0 | Hits : 303
Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Organisation (EPFO) said the decision to remove Aadhaar was taken following a directive from the Unique Identification Authority of India (UIDAI). As per the circular, Aadhaar is also being removed from the list of documents for correction in date of birth.
A five-day-long Special Parliament Session will be held from Monday. A Parliamentary Bulletin said, that on the first day a discussion on the Parliamentary Journey of 75 years starting from Samvidhan Sabha - Achievements, Experiences, Memories, and Learnings will be held in Lok Sabha. The Government has listed Bill on the appointment of the Chief Election Commissioner, and other election commissioners in the upcoming Parliament Session. Apart from this The Advocates (Amendment) Bill, Th...
Artificial intelligence can substitute neither the human intelligence nor the humane element in the adjudicatory process, the Delhi high court has held and said ChatGPT can't be the basis of adjudication of legal or factual issues in a court of law. Justice Prathiba M Singh stated that the accuracy and reliability of AI generated data is still in the grey area and at best, such a tool can be utilised for a preliminary understanding or for preliminary research. The court's observati...
Domain + Website + Hosting + 2 email ids @ Just Rs.3100/- with 30 days Money Back Guarantee. CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish. Now Get 2 Email ID's with Your Own Websi...
The Delhi High Court Monday sought the Centre’s stand in a plea against a notification where chartered accountants, company secretaries and cost accountants have been included among “reporting entities” under the Prevention of Money Laundering Act (PMLA) A division bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula granted time to Additional Solicitor General Chetan Sharma, who appeared for the Centre, to “seek instructions” and listed the ma...
Comments