Indian Oil Corp (IOC), country's biggest refiner, could raise petrol rates once more by Rs 1.35 per litre because the fuel remains being sold below market rates, chairman RS Butola said when asserting that the company's internet profit within the last fiscal year fell twenty seventh owing to low state-set fuel costs. State-run Oil & Natural Gas Corp (ONGC), that is forced to sell crude at a reduction to assist state refiners sell fuel low cost, conjointly suffered last year, significantly within the last quarter, when its profit dipped twenty sixth to Rs 2,791 crore. Both corporations are expected to achieve if fuel costs are raised once more. The IOC is currently considering raising petrol costs soon. "Our desired value increase is Rs 1.35 per litre. terribly soon we are going to need to take a read on raising the value," Butola said. IOC's fourth-quarter internet profit fell half-hour to Rs 3,905.16 crore, despite government subsidy payments and obligatory discounts from upstream companies like the ONGC. "Our profit would are higher by 3200 crore for the fiscal year if government had given us subsidy cherish the previous year," RK Goyal, IOC's director for finance told reporters. The company is allowed to boost costs of all fuels except diesel, kerosene and cooking gas, however IOC couldn't raise petrol costs to the extent it needed owing to political pressure, inflicting it a loss of regarding Rs 1,000 crore, IOC officers said.
The IOC conjointly hopes to achieve from higher state-set diesel rates. The empowered panel of ministers, that decides diesel, kerosene and cooking gas rates, is scheduled to satisfy on June nine, and contemplate raising {the costs|the costs} of regulated fuels prices for the primary time in nearly one year. consistent with an IOC estimate, from Tuesday the company's revenue loss in diesel are regarding Rs 12.64 a litre. it'll lose Rs 25.85 a litre on kerosene and Rs 380.57 on a cooking gas cylinder. The ONGC, that has conjointly declared its annual results for 2010-11, had to pay the best ever Rs 24,892 crore upsteam discounts to a few state-run oil selling companies - IOC, BPCL and HPCL - to stay them profitable. "We paid Rs 12,136 crore in fuel subsidy compensation in this fall compared to Rs 4,999 crore within the same amount the previous fiscal," ONGC acting chairman & managing director A K Hazarika told reporters.
Despite higher subsidy burden the corporate reported a a hundred and thirtieth growth in its internet profit for 2010-11 at Rs 18,924 crore, he said. except for the subsidies, ONGC's internet profit ought to are higher by Rs 14,247 crore within the full fiscal. ONGC director for offshore operations, Sudhir Vasudeva said the corporate was expected to ramp up its crude oil production by 3.5 million tonne in 2013-14. The company's crude oil production had marginally declined at twenty 4.42 million tonne in 2010-11 from twenty 4.67 million tonne within the previous year as a result of ageing oil fields. however its gas output was virtually flat at twenty 3.09 billion cubic meter.
The IOC conjointly hopes to achieve from higher state-set diesel rates. The empowered panel of ministers, that decides diesel, kerosene and cooking gas rates, is scheduled to satisfy on June nine, and contemplate raising {the costs|the costs} of regulated fuels prices for the primary time in nearly one year. consistent with an IOC estimate, from Tuesday the company's revenue loss in diesel are regarding Rs 12.64 a litre. it'll lose Rs 25.85 a litre on kerosene and Rs 380.57 on a cooking gas cylinder. The ONGC, that has conjointly declared its annual results for 2010-11, had to pay the best ever Rs 24,892 crore upsteam discounts to a few state-run oil selling companies - IOC, BPCL and HPCL - to stay them profitable. "We paid Rs 12,136 crore in fuel subsidy compensation in this fall compared to Rs 4,999 crore within the same amount the previous fiscal," ONGC acting chairman & managing director A K Hazarika told reporters.
Despite higher subsidy burden the corporate reported a a hundred and thirtieth growth in its internet profit for 2010-11 at Rs 18,924 crore, he said. except for the subsidies, ONGC's internet profit ought to are higher by Rs 14,247 crore within the full fiscal. ONGC director for offshore operations, Sudhir Vasudeva said the corporate was expected to ramp up its crude oil production by 3.5 million tonne in 2013-14. The company's crude oil production had marginally declined at twenty 4.42 million tonne in 2010-11 from twenty 4.67 million tonne within the previous year as a result of ageing oil fields. however its gas output was virtually flat at twenty 3.09 billion cubic meter.
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