Oil companies loses Rs 22 k cr in a month amid weak rupee
Business
oi-Religare
By Religare
The oil marketing companies have lost about Rs 22000 crore in a period of 1 month amid continuous depriciation in the rupee.
A one unit movement in the rupee against the dollar impacts under-recoveries (loss incurred due to sale of fuel products on government rates) by around Rs 9000 crore, said the media report.
Oil companies such as Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil Corp have collectively lost around Rs 2,000 crore in the month of May alone due to constant depreciation in rupee against dollars.
A constantly falling rupee against the dollar has become a cause of concern for oil marketers who import nearly 70 per cent of the crude oil requirements. Rupee currently stands at 58.64 against a dollar, added the media report.
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