OMCs report net loss of Rs 4,403 cr during April-June quarter: Panabaaka Lakshmi

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The Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha in a written reply today that the Oil Marketing Companies (OMCs) have reported a combined loss of Rs 4,403 crore during April-June, 2013.

However, she added, they could report meager profits in previous years only after taking into account the cash assistance provided by the government and the discount on sale of crude oil and product offered by upstream oil companies.

The Minister also said in order to insulate the common man from the impact of rise in international oil prices and the domestic inflationary conditions, the government continues to modulate the retail selling price of diesel in retail, PDS kerosene and subsidized domestic LPG and their prices have not been increased in line with changes in the international market.

As a result, the public sector OMCs have incurred under-recovery of Rs 1,61,029 crore during 2012-13 and Rs 25,579 crore during April-June, 2013, she added.

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Story first published: Tuesday, August 27, 2013, 21:50 [IST]
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