Shares of Hindustan Petroleum and Bharat Petroleum are up around 2 -3 percent each after the latest diesel price hike of 45 paise/litre This is the third hike in a row after the government permitted them to do so two months ago.
However, despite Indian Oil Corporation also being the beneficiary of price hike, it was marginally up in comparison to its peers. As has been the trend, retaillers revise fuel prices every fortnight, but due to the Parliament proceedings, they deferred it to March 23 to avoid any disruption in the session.
Meanwhile, despite the recent hike, oil companies are still losing around Rs 8.19/litre on sale of diesel. It will take around 21 more months for them to stop incurring losses on sale of the commodity.
However, by year-end, companies may be able to bring down diesel under-recoveries by around Rs 10,000 crore, say analysts.
Retaillers are incurring losses due to selling the fuel at government controlled rates. In FY13, OMCs are likely to incur losses of around Rs 161,000 crore for selling liquefied petroleum gas, kerosene and diesel as subsidised rates. For the nine month to December period alone, under-recoveries were around Rs 125,000 crore.
So far, the government has already given cash subsidy of Rs 55,000 crore and another Rs 25000 crore will be provided before the fiscal ends.
Analysts say that partial de-regulation will not only help OMCs but will also ease government's subsidy burden. Traditionally, the government has been bearing around 33 percent of the losses that companies incur on sale of fuel products below market rates.
At 11:30 hours, shares of IOC were up 0.45 percent to Rs 291.60, BPCL was up 2.82 percent to Rs 375.50 and HPCL too climbed 1.99 percent to Rs 289.40.
Read This: No diesel price hike rollback, losses at Rs 8.50-9/L: BPCL
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