Key Points
The price cut of Rs 2 per litre for petrol and diesel by the state-run oil marketing companies (OMCs)--Indian Oil Corp. (IOCL), Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. (BPCL)--will erode their revenue and ebitda, according to analysts...
Although small on headline, a Rs 2 per litre cut will reduce OMC revenue/ ebitda by about Rs 30,000 crore ($3.7bn) annualised, JP Morgan said in March 15 report, adding that the latest data suggests Russian crude discounts have fallen further..
Despite major volatility in global oil prices due to the Russia-Ukraine war and unrest in West Asia, India pump prices have remained steady...
Heavily discounted Russian crude oil and handsome refining margins saw the OMCs clock record profits over the past few quarters, building the case for a fuel price cut...
The petrol and diesel price cut comes days after city gas distribution companies reduced compressed natural gas (CNG) prices by Rs 2.5 per kg..
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