Oil companies not passing Rs 2 per litre profit on petrol to consumers
   
Quotes

Oil companies not passing Rs 2 per litre profit on petrol to consumers

Last Updated: Wednesday, October 3, 2012, 10:15
 
 Comment 2
 
Oil companies not passing Rs 2 per litre profit on petrol to consumers
Zeebiz Bureau

New Delhi: The Oil marketing companies (OMCs) are not passing the benefits on petrol to the consumers even after pocketing a profit of Rs 2 per litre on petrol, a the Times of India reported on Wednesday.

OMCs have been incurring profit of Rs 2 per litre since September 16 owing to the fall in global crude prices and the strengthening of rupee against the dollar.

Based on IndianOil chairman R S Butola’s formula, petrol become cheaper by 77 paise every time the Indian currency gains a rupee against the dollar, and petrol prices become cheaper by 33 paise for every one-dollar fall in crude oil prices.

US crude is trading at around USD 91 per barrel and Brent crude is trading at around USD 111. The rupee has also staged a strong recovery at 52.40 against dollar.




First Published: Wednesday, October 3, 2012, 10:14


Comments


comments powered by Disqus
New Vento 2015
New Vento 2015
Audi all-new SUV Q3
Audi all-new SUV Q3
Indian Billionaire Daughters
Indian Billionaire Daughters
TOP 5  happy cities of India
TOP 5 happy cities of India
Forbes Top 10 Billionaires 2015
Forbes Top 10 Billionaires 2015

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved