No plans to increase petrol, diesel prices: Oil minister

State-owned Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which raised petrol prices seven times since June last year, currently sell petrol at a loss of Re1-Rs2 per litre

Panipat: The government has no plans to increase petrol and diesel prices even though international crude rates have touched $100 per barrel, reports PTI quoting oil minister S Jaipal Reddy.

"We are not at the moment thinking of increasing prices," he told reporters here.

The spurt in international oil prices means that state-owned fuel retailers will end the fiscal with revenue losses of around Rs80,000 crore on selling diesel, domestic LPG and kerosene below cost.

"... the oil marketing companies are facing a burden of the order of Rs80,000 crore (and) may be Rs100,000 crore (this fiscal)," he said.

Even in case of petrol, whose price fixation was freed from government control in June last year, there is no proposal to raise prices just now, Mr Reddy said.

State-owned Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which raised petrol prices seven times since June last year, currently sell petrol at a loss of Re1-Rs2 per litre.

"At the moment, there is no proposal on table of oil companies to increase the price of petrol," he said, adding public opinion cannot be ignored even in free market.

Mr Reddy said half of the revenue loss fuel retailers incur on selling diesel, domestic LPG and kerosene would be met by the government by way of cash dole-out. Another one-third would be contributed by upstream firms like ONGC.

The rest will "somehow be digested by oil marketing companies," he said.

Oil secretary S Sundareshan said of the Rs46,000 crore revenue loss on fuel sales in the first three quarters this fiscal, the government provided Rs21,000 crore and upstream firms contributed one-third.

Mr Reddy said he hoped the finance minister will cut customs and excise duty on crude oil and products in the budget to ease the burden of rising global oil prices.

India currently imports 80% of its oil needs.

Earlier, dedicating Indian Oil Corporation's naphtha cracker complex to the nation, he said the nation needs to find more oil to cut its reliance on imports to meet demand.

The cracker unit, which produces raw material for making plastic, went on-stream in March last year but it was formally inaugurated only today.

Speaking on the occasion, Mr Sundareshan said the nation's oil refining capacity will jump up to 240 million tonnes in the next two years from the current about 187 million tonnes.

Even the present refining capacity is in excess of 146 million tonnes of fuel demand, he said.

Listing the new plants, he said Bharat Petroleum will commission a 6 million tonnes unit at Bina in Madhya Pradesh shortly, while Hindustan Petroleum is building a 9 million tonnes unit at Bhatinda in Punjab. Also, IOC is constructing a 9 million tonnes refinery at Paradip in Orissa.

Built adjacent to IOC's 15 million tonnes a year Panipat refinery, the naphtha cracker along with PX-PTA units is the state-owned firm's big push into the petrochemical business.

The Rs14,439 crore naphtha cracker complex will produce 800,000 tonnes per annum of ethylene and 600,000 tonnes of propylene-raw material for manufacturing polymers.

Ethylene and polypropylene act as feedstock for downstream polymer units like polypropylene, Linear Low Density/High Density Polyethylene Swing unit, High Density Polyethylene unit and Mono Ethylene Glycol unit. These polymer products are used for manufacturing moulded plastic containers/barrels, heavy duty films, stretch wrap films, shopping bags, automobile parts, pipes and sheets, moulded furniture, yarn and fibre and many other household and industrial items.

The naphtha cracker will source feedstock naphtha from IOC's Koyali, Panipat Mathura refineries.

IOC's Panipat refiner meets the demand of petroleum products not only in Haryana but also of entire North-west region, including Punjab, Jammu and Kashmir, Himachal, Chandigarh, Uttaranchal and parts of Rajasthan and Delhi.

IOC has nine refineries with a combined refining capacity of 65.7 million tonnes a year.

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ANSHU VERMA

1 month ago

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ANSHU VERMA

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Atlanta Q3 net profit declines 9.51% to Rs12.09 crore

Atlanta net profit in the December 2009 quarter stood at Rs13.36 crore

Mumbai-based infrastructure development company Atlanta Ltd said its net profit for the quarter ended 31 December 2010 dropped by 9.51% to Rs12.09 crore compared to Rs13.36 crore in the same quarter last year.    

In the December 2010 quarter, the company has reported total income of Rs71.60 crore compared to Rs55.52 crore in the corresponding quarter last year, an increase of 28.94%.   

The net profit declined in this quarter due to the suspension of toll collection for 115 days on account of concretisation work on Mumbra by-pass road, which resulted in loss of revenue of approximately Rs14.61 crore and higher provision of tax of Rs5.99 crore vis-à-vis Rs2.38 crore in the last quarter.

"We at Atlanta at presently are focusing on enhancing our capacities to ensure the smooth execution of the new and bigger projects in the pipe line. However, company's policy of working on better margins will always be maintained," Rajhoo Bbarot, managing director, Atlanta said.   

On Tuesday, Atlanta ended 2.51% up at Rs75.65 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.39% to 18,273.80.

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2 months ago

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Man Industries reports net profit of Rs25.67 crore in Q3

Man Industries reported net sales of Rs439.86 crore for the quarter ended 31 December 2010

Man Industries (India) Ltd, one of the leading pipe manufacturing companies, has reported a net profit at Rs25.67 crore during the quarter ended 31 December 2010, compared to Rs30.92 crore in the corresponding period a year.

The company has reported net sales of Rs439.86 crore for the quarter ended 31 December 2010 in comparison to Rs439.31 crore in the corresponding quarter last year.

"Considering the opportunities and the current economic condition, we are sure of registering an impressive financial performance for the whole of this year at the end of current fiscal," RC Mansukhani, chairman of the company said.

On Tuesday, Man Industries ended 2.05% down at Rs64.55 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.39% to 18,273.80.

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