Petroleum Companies: Petroleum companies have not increased the prices of fuel for 5 consecutive months, due to which the oil companies have suffered heavy losses. The country's top-3 petroleum companies have suffered a loss of $ 2.25 billion (about Rs 19,000 crore) from November to March 2022 due to non-increasing fuel prices despite the continuous rise in crude oil prices.
Losses to all three companies
Moody's Investors Service said in a report on Thursday that Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) have suffered this loss due to non-raising fuel prices.
Crude oil rose from $ 82 to $ 111
There was no change in fuel prices in the country between November 4, 2021, and March 21, 2022, despite a jump in crude oil prices. During this time, the price of crude oil was on an average of $ 111 per barrel in the first three weeks of March from $ 82 per barrel in November.
Oil prices increased on 22 and 23 March
Petroleum oil companies have increased the prices of petrol and diesel by 80-80 paise per liter on March 22 and 23. There was no hike in fuel prices on Thursday.
Moody's released the report
Moody's said in its report, "Based on current market prices, petroleum marketing companies are currently incurring losses of about $ 25 (over Rs 1,900) per barrel on the sale of petrol and $ 24 per barrel on diesel. The report said that if crude oil prices remain on average around $111 a barrel, IOC, BPCL, and HPCL could collectively lose $65 to 70 million daily on petrol and diesel sales. Is.
$2.25 billion in damage
Moody's said, "Based on our estimates of average sales volume during the first three weeks of November to March, there was a revenue loss of approximately $2.25 billion on petrol and diesel sales to public sector petroleum refining and marketing companies." Is.''
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