Moody’s: Crude price hike will weaken oil cos if net realisation doesn’t go up

Chennai, October 17

A Rs 220 billion one-time grant to the three oil marketing companies by the Centre would cover their losses on sales of domestic LPG if they still incur losses on the sale of petrol and diesel, said Moody’s Investors Service on Monday.

Last week, the central government approved the grant to Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) to cover losses on sales of domestic LPG between June 2020 and June 2022. — IANS

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