Fuel Price: Due to non-increasing oil prices, three state-owned oil companies suffered a loss of Rs 19 thousand crore in about four months. This is about 20 per cent of the EBITDA of the three companies in FY21.
Fuel Price: Despite the increase in crude oil, there was no change in the price of petrol and diesel in India for 137 days from November to March. Due to this, the country’s big oil companies Indian Oil, Bharat Petroleum and Hindustan Petroleum suffered a loss of about $ 225 million (Rs 19 thousand crore). This is about 20 per cent of the EBITDA of the three companies in FY21.
This assessment is by credit rating agency Moody’s Investors Service. According to the rating agency’s assessment, Indian Oil suffered a loss of $ 100-110 million (Rs 7631.20-8394.33 crore), BPCL and HPCL both $ 55-650 million (Rs 4197.16-4960.28 crore).
Petrol and diesel prices in India remained stable from November 4 in 2021 to March 21 this year. However, crude oil remained at an average price of $ 111 (Rs 8471.19) per barrel during this period, compared to $ 82 (Rs 6257.99) in early November last year. After about four months, now on March 22 and 23, the prices of oil have increased for two consecutive days.
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Every day so much loss
Moody’s has said in its report that at the current price, oil companies are incurring a revenue loss of $ 25 per barrel on the sale of petrol and $ 24 per barrel on the sale of diesel. If crude oil prices remain on an average of $ 111 and oil prices are not increased, then these three oil companies Indian Oil, Bharat Petroleum and Hindustan Petroleum will get $ 65-70 million on every day petrol-diesel sales (496.03- 534.18 crores) will result in loss.
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Moody’s estimates, the government will give approval to increase the price
Oil prices in India are not regular, that is, they are not controlled by the government and refineries can increase the prices of petrol and diesel if there is a jump in crude oil. However, for the last four months, its prices did not increase due to elections in five states. According to the Moody’s report, he estimates that the government will allow refineries to increase the price of oil and will not allow such a situation to occur that the refineries will again suffer such huge losses for a long time. According to Moody’s, despite the simultaneous increase in prices, it may happen gradually.
(Input: PTI)
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