Oil companies lost ₹ 19,000 crore due to relief in petrol and diesel prices for about 5 months, now they will compensate

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new Delhi. The country’s top three 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 increase in crude oil prices. 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 due to non-increasing fuel prices.

Prices did not increase from November 4, 2021 to March 21, 2022
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.

Increase on 22 and 23 March
However, petroleum marketing 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.

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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. .”

what Moody’s said
The report said that if crude oil prices remain around $111 a barrel on an average, IOC, BPCL and HPCL could collectively lose $65 to 70 million daily on the sale of petrol and diesel.

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Loss of revenue of $ 2.25 billion
Moody’s said, “Based on our estimates of average sales volume during the first three weeks of November to March, there was a loss of approximately $2.25 billion in revenue on petrol and diesel sales to public sector petroleum refining and marketing companies.” Is.”

Companies can compensate
Moody’s has said that the loss in revenue will increase short-term borrowing of companies. In the coming time, if crude prices fall, then oil companies can compensate for their losses to some extent. Regarding the increase in the prices of petrol and diesel on March 22 and March 23, the rating agency has said that this indicates that the prices of petrol and diesel will increase gradually.

Tags: BPCL, IOC, IOCL, Petrol and diesel

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