Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Indian Oil Corporation Limited    IOC   INE242A01010

End-of-day quote. End-of-day quote  - 09/30
585 INR   +2.05%
09/29 OIL INDIA : India Approves $3.2 Bln Deal to Acquire Two Russian Oil ..
09/28DJCanada Gives Conditional Approval to Petronas's LNG Terminal
09/23 INDIAN OIL : IOC GAIL MOU for Dharma LNG terminal
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

India Fuel Retailers To Cut Gasoline Prices By INR2.02/Liter

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/02/2012 | 03:48pm CEST

--Retailers to cut gasoline prices with effect from Sunday

--Decline in international prices help, but rupee decline vs dollar takes away benefit

(Adds comments from Indian Oil Corp., background.)

 
    By Rakesh Sharma and Raghavendra Upadhyaya 
 

India's state fuel retailers Saturday decided to cut retail gasoline prices by INR2.02 (3.6 cents) a liter, with effect from Sunday, Indian Oil Corp. (530965.BY) said in a statement.

The cut in prices follows a steep increase in gasoline prices in May, which drew heated protests from the ruling Congress party's key allies, opposition parties and consumers.

The 11.5% increase in gasoline prices on May 24 was the first in six months for the three retailers: Bharat Petroleum Corp. (500547.BY), Hindustan Petroleum Corp. (500104.BY) and Indian Oil.

This increase had taken the gasoline price to INR73.18 a liter at New Delhi retail fuel outlets. The rates vary across India due to local taxes.

"Since the last pricing cycle, though international oil prices have decreased quite significantly, the USD-INR exchange rate has shown further deterioration," said Indian Oil in its statement to explain the decision for a partial rollback in gasoline prices.

The price cut may also help revive demand for gasoline-powered cars, which make up for almost half of the total passenger vehicle sales in India. Major auto makers in India posted a decline or a marginal growth in passenger vehicle sales in May as continued weak demand for gasoline models outweighed rising sales of diesel vehicles.

The average Indian crude basket price declined $105.57 a barrel for the two weeks ended May 31 from $111.55 a barrel in the 15-day period that ended May 15, the government data showed.

The Indian rupee however depreciated against the dollar and is now around INR55.57 to a dollar. The rupee has depreciated almost 9% against the dollar since the end of April.

The three retailers have freedom to revise gasoline rates every two weeks, in line with the benchmark global prices. But the unpalatable decision of price increases had been rocked by protests.

In the year ended March 31, the fuel retailers raised gasoline prices only thrice and cut rates twice. The companies had to absorb losses worth INR46.51 billion on gasoline sales as they couldn't revise rates after Dec. 1, in line with benchmark international prices.

The gasoline price increase has upset household budgets of consumers who are already reeling due to high inflation. Government data earlier this month showed inflation in April accelerated to 7.23% from a year earlier, compared with 6.89% in March, as food prices rose.

The government continues to keep tight control over diesel, kerosene and cooking gas rates, on which the fuel retailers are daily losing INR5.09 billion. Oil Minister Jaipal Reddy has said he won't touch the prices of the three products.

The government compensates retailers for revenue losses suffered on sales of diesel and cooking fuels through direct cash subsidy.

-By Rakesh Sharma and Raghavendra Upadhyaya, Dow Jones Newswires; 91 22 61456103; raghavendra.upadhyaya@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on INDIAN OIL CORPORATION LIM
09/29 OIL INDIA : India Approves $3.2 Bln Deal to Acquire Two Russian Oil Fields
09/29 OIL INDIA : Indian oil psu bloc's stake buy in russian assets okayed
09/28DJCanada Gives Conditional Approval to Petronas's LNG Terminal
09/28 INDIAN OIL : PSUs IN TALKS TO ACQUIRE STAKE IN ROSNEFT'S VANKOR-CLUSTER
09/27 INDIAN OIL : Ioc gets ustda grant for modernisation
09/26 OMCs' PERFORMANCE GAINS FIRST TIME IN THREE YEARS
09/24 INDIAN OIL : Ustda, indian oil to explore cleaner fuels
09/23 INDIAN OIL : IOC GAIL MOU for Dharma LNG terminal
09/22 INDIAN OIL : IndianOil and GAIL sign MoU to take equity in Dhamra LNG terminal
09/22 INDIAN OIL : Adani sells 49% of Dhamra LNG project to IOC and GAIL
More news
Sector news : Oil & Gas Exploration and Production - NEC
09/29DJUnited Airlines Mechanics to Vote on New Labor Agreement
09/27DJAGL Energy Adds Oil Search's CEO to its Board
09/27 When deals go bad - China state firm managers spooked by new liability rules
09/26DJRICE ENERGY : to Buy Vantage for $2.7 Billion Including Debt
09/26 BofA to pay $15.5 million fines for causing 'mini-flash crashes'
More sector news : Oil & Gas Exploration and Production - NEC
News from SeekingAlpha
2015 InterOil drilling results raises hopes for Papua New Guinea gas field
2015 InterOil wins Elk-Antelope legal case
Advertisement
Financials ( INR)
Sales 2017 3 693 776 M
EBIT 2017 209 431 M
Net income 2017 149 597 M
Debt 2017 530 778 M
Yield 2017 2,99%
P/E ratio 2017 9,65
P/E ratio 2018 9,05
EV / Sales 2017 0,53x
EV / Sales 2018 0,45x
Capitalization 1 414 282 M
More Financials
Chart INDIAN OIL CORPORATION LIM
Duration : Period :
Indian Oil Corporation Lim Technical Analysis Chart | IOC | INE242A01010 | 4-Traders
Full-screen chart
Technical analysis trends INDIAN OIL CORPOR...
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 626  INR
Spread / Average Target 7,5%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Balasubramanian Ashok Chairman
Arun Kumar Sharma Director & Finance Director
Rajiv Khanna Executive Director-Research & Development
Alok Khanna Executive Director-Information Systems
Sanjiv Singh Director & Refineries Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
INDIAN OIL CORPORATION..33.84%21 230
OCCIDENTAL PETROLEUM C..7.85%55 706
CNOOC LTD17.73%55 351
CONOCOPHILLIPS-6.90%53 838
EOG RESOURCES INC36.62%53 253
CANADIAN NATURAL RESOU..42.17%35 242
More Results