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None of the refineries reported loss: Aiyar

OMCs have had to face huge under-recoveries in previous years and even cash losses in the first quarter of this year, the Petroleum Minister said.
PTI | By Press Trust of India, New Delhi
PUBLISHED ON AUG 04, 2005 03:21 PM IST

The Government on Thursday said none of the refineries have incurred a loss, but IOC, HPCL and BPCL, which are also into marketing have suffered losses during the first quarter of this fiscal.

Oil marketing companies (OMCs) have had to face huge under-recoveries in previous years and even cash losses in the first quarter of this year, Petroleum Minister Mani Shankar Aiyar said in a written reply in Lok Sabha.

This is because the oil marketing companies, in accordance with administrative instructions, have been modulating the impact of high oil prices on domestic retail prices of sensitive products, he said.

The subsidy given by OMCs during the first quarter of this fiscal stood at Rs 0.82 a litre and Rs 22.58 per cylinder in case of PDS kerosene and domestic LPG respectively, Aiyar said replying to another question.

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