Sep 21, 1999|
Oil companies hike decontrolled product prices
According to newspaper reports, prices of decontrolled products have been raised by 8.75% - 11% by the pricing group of the four state owned oil companies. The rise in prices has been affected mainly due to the sharp increase in international crude oil prices.
The decision to hike prices will reflect positively on the bottomline of the state owned oil companies. However, user industries are likely to be adversely affected. This is mainly due the relatively weak recovery in demand, which will prevent the price hike from being passed down to the consumer. Hence, the deficit is likely to be shifted from the books of the oil companies to those of the user industries.
Also, the price hike does not augur well for the inflationary expectations, which are like to rise in view of this move
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Oil India Limited announced results for the quarter ended September 2016. The company has reported an 6.5% and 7.8% Year on Year (YoY) decline in sales and net profit respectively during the quarter.
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ONGC has announced results for the quarter ended September 2016. The company has reported 10.3 % year on year (YoY) decline in sales, while bottom-line grew 6.3% YoY.
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