The government’s latest directive to Oil Marketing Companies (OMCs) to bear the burden of fuel price cut by Re 1 per litre in the retail rates of petrol and diesel is likely to hit the collective net profit of the three OMCs by Rs 4,500 crore in the rest of the financial year ending March 2019.
State-run oil marketing companies (OMCs) classified a section of loans provided to beneficiaries of the Pradhan Mantri Ujjwala Yojana (PMUY) in FY18 as ‘doubtful’ as recipients did not ask for LPG refill for a year.
In the area of stock market investing, one should stay more focused on mitigating possibilities of risk as compared to maximising gains but should keep looking for golden eggs which not only increase gaining chances but also reduces the extent of overall risk.
Oil prices in India at retail level are completely decontrolled. If crude prices go higher you will have to pay more and if oil prices go lower, you will have to pay less.
With crude oil prices hovering at over two year-highs, the losses faced by Indian Oil marketing Companies (OMCs) on subsidized sales of petroleum products are seen rising to a range between Rs 22,000 crore and Rs 25,000 crore in the current financial year.
Oil marketing companies (OMCs) are in focus as the price build-up shows marketing margins are missing since October this year and simple calculations would suggest marketing margins are negative.
The Euro-VI grade petrol and diesel will be supplied to the national capital by three oil PSUs from their refineries at Mathura, Bina and Bhatinda from April to help it fight the alarming levels of air pollution.
The All India Petroleum Dealers’ Association has (AIPDA) called a nationwide petrol pump strike on July 12, protesting against the oil marketing companies’ failure to install 100 per cent automated system at the pumps and lack of transparency in the daily dynamic pricing mode.
The government on Tuesday said the three state-run oil marketing companies (OMCs) will formalise plans to set up the world’s largest refinery-cum-petrochemicals complex located on the country’s west coast.
Sajjan Jindal-led JSW Steel is keen to have a long-term iron ore linkage arrangement with Odisha government-owned Odisha Mining Corporation (OMC), in order to secure supplies for its planned 10-million-tonne mega steel plant.