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PSU OMCs in demand on likely diesel price hike

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(up 3.98%), (up 3.28%) and Indian Oil Corporation (up 2.15%), edged higher.

The Sensex was up 22.70 points, or 0.11% at 19,806.78.

Shares of HPCL, BPCL and Indian Oil Corporation rose by 1.77% to 5.57% on Friday, 4 January 2012.

Media reports on Friday (4 January 2012) suggested that the government has formally started the consultation process for raising diesel and cooking gas prices - the latter with an increased annual cap of nine subsidised refills - in line with the recommendations of a finance ministry panel.

The committee under former bureaucrat Vijay Kelkar, tasked to suggest a roadmap for cutting fiscal deficit, has suggested raising diesel price periodically to align it with market rate by the beginning of 2014-15 fiscal. The panel also suggested raising cooking gas and kerosene prices, reports added.

Meanwhile, the Ministry of Petroleum and Natural Gas on 1 January 2013 said that the under-recovery on High Speed Diesel (HSD) applicable for the first fortnight of January 2013, effective 1 January 2013, has decreased to Rs 9.03 per litre from Rs 9.28 per litre for the 2nd fortnight of December 2012.

In case of Domestic LPG, the under-recovery for January 2013 remains unchanged at Rs 490.50 cylinder. The Under-recovery on PDS Kerosene, too, has remained at same level of Rs 30.64 per litre for January 2013, the ministry said. PSU OMCs are currently (effective 1 January 2013) incurring daily under-recovery of about Rs 389 crore on the sale of Diesel, PDS Kerosene and Domestic LPG.

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