OMCs' combined Q1 losses Rs.4,403 crore

New Delhi, Aug 27 (IANS) State-run oil marketing companies (OMCs) have reported a combined loss of Rs.4,403 crore in the first (April-June) quarter of the current fiscal, Minister of State for Petroleum Panabaaka Lakshmi said Tuesday.

"They (Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum Corp) could report meagre 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," Lakshmi told parliament in a written reply.

"Without compensation for under-recoveries, all OMCs would have declared huge losses," the minister said.

In order to insulate the common man from the impact of rise in international oil prices and domestic inflationary conditions, the government continues to modulate retail selling prices of diesel, kerosene and cooking gas, Lakshmi added.

"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," an oil ministry statement said.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.

Matches

    • Team flag for Sri Lanka vs. Team flag for PakistanPAKSL
      5th ODI
      Sun, Jul 26, 2015
      Hambantota, Sri Lanka
      Pakistan in Sri Lanka ODI ...
      SL won by 165 runs
    • Team flag for Netherlands vs. Team flag for ScotlandSCONED
      Final
      Match abandoned
      Sun, Jul 26, 2015
      Malahide, Dublin, Ireland
      World Twenty20 Qualifier, ...
    • Team flag for Hong Kong vs. Team flag for IrelandIREHK
      3rd Place Play-off
      Match abandoned
      Sun, Jul 26, 2015
      Malahide, Dublin, Ireland
      World Twenty20 Qualifier, ...
  • No live matches are in progress.
    • Team flag for England vs. Team flag for AustraliaAUSENG
      3rd Test
      Wed, Jul 29, 2015
      Birmingham, England
      The Ashes, 2015...
      Upcoming match
    • Team flag for Bangladesh vs. Team flag for South AfricaSABAN
      2nd Test
      Thu, Jul 30, 2015
      Thu, Jul 30, 2015
      Mirpur, Bangladesh
      South Africa in Bangladesh...
    • Team flag for Sri Lanka vs. Team flag for PakistanPAKSL
      1st T20I
      Thu, Jul 30, 2015
      Thu, Jul 30, 2015
      Colombo, Sri Lanka
      Pakistan in Sri Lanka T20 ...