 "IndianOil net up 34%")
The rise in net profit is mainly due to the release of government aid of Rs 13,475 crore and another Rs 8,142 crore from upstream companies compensating under-recoveries on the sale of diesel, kerosene and LPG.
The Maharatna major’s gross refining margin stood at $6.15 a barrel during the quarter, against $4.31 during the same period last year. Turnover for the quarter rose 12 per cent to Rs 1,07,686 crore from Rs 96,006 crore during the corresponding quarter last year.
IOCs product sales volume, including exports also rose by 0.419 million tonne to 19.706 MT during the third quarter of the financial year 2012-13 as compared to the Q3 previous financial year. “The quarterly refining throughput went up marginally by 0.042 MT to 14.208 MT as conmpared to the corresponding quarter of the previous financial year,” Butola added.
Meanwhile, the IOC’s under recovery from petrol stood at Rs 675 crore. In terms of diesel, the under recovery is Rs 9.22 per litre. The pricing committee of IOC is set to review diesel prices on februaruy 15 and 16. Last month, the government had opted for a phase-wise decontrol of diesel prices, which allowed oil marketing companies to go for a minimal hike of 0.45-50 paise per month.
Coupled with this, with the decontrol decision, the government had gone for dual pricing system too, through which bulk customers like defence and railways will now have to pay at market price for diesel. “Since January 17, there is a considerable fall in bulk sales and also a rise in retail sales,” Butola said.