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New Delhi: Public sector oil companies have lost over Rs 19,000 crore on the back of rising international crude oil prices, according to Moody’s Investment Services on Thursday.
Moody’s added:
The price of a barrel of crude oil averaged $ 111 a barrel in the first week of March this year, up from $ 82 a barrel before November last year. Petrol and diesel prices remained unchanged during the November-March period, despite a sharp rise in international crude oil prices.
As a result, public sector undertakings Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BBCL) lost $ 25 (Rs. 1,900) per barrel at current market prices. Moody’s also reported a loss of $ 24 per barrel of petrol and diesel sales.
Overall, Moody’s said that the three major PSUs lost $ 225 billion (Rs 19,000 crore) on petrol and diesel sales during the November-March period.