The Oil Companies are at their tricks once again. From today, the Petrol prices will increase by Rs 1.35 paise to offset the loss of Rs 1048 Cr due to selling Petrol below Cost. Only on the 15th May, these Oil Cos raised the price of Petrol by Rs 5/- per litre. The explanation from the Government: We have nothing to do. It is the oil Companies who have raised the price to bridge the shortfall in the price of crde and cost of refining. Oil Companies aver that high prices of crude and huge debt burden of oil companies makes it imperative to raise prices though they would like to shed a tear for the common man reeling from price rise especially the inflation factor. We, the am admi, must thank these Oil Cos for their consideration.
But let us just look at these statistics, which have been released as advertisements by the Oil Companies.
1. Indian Oil Corporation says that it has made a Profit of Rs 7445.48 Cr, and the actual growth in sales in the III & IV Quarter was 138.9%. Sale proceeds stood at Rs 3,28,744.27 Cr (the highest sale rate in its history). They have also declared Rs 9.50 per share which is considered to be a handsome dividend.
2. Bharat Petroleum is showing a net profit of Rs 1,63,496 lakhs (2010-11) against Rs 1,63,236 lakhs during 31-3-2010 . Total income was recorded as Rs 48,311,46 Cr against Rs 40,07,155 Cr ( 205% growth). The company is said to have spent for refining crude at US $ 4.47 per barrel (previous year $ 2.97 per barrel). In the previous year, dollar value was low, and Rupee value was high. This year also, the Rupee value maintained the same position. Hence when all the prices are shown in Rupees, Bharat Petroleum shows the refining prices in Dollars.
3. ONGC has placed a full page advertisement with the heading, "The way to bigger achievement lies in the path less travelled". Hurray! Income of ONGC stood at Rs 121,929,29 Cr (2010-11) against Rs 103,438.85 Cr (2009-10), with a net profit of Rs 22,455.93 Cr against Rs 19,403.53 Cr last year. Aditional shares have been allotted and a dividend equivalent to Rs 642 Cr and special interim dividend of Rs 6844 Cr paid on Dec 2010. The total dividend paid alone accounted for Rs 7486 Cr!!
4. Oil India Ltd records a profit of Rs 2883.73 Cr.2010-11 Government had provided a subsidy of Rs 40,912 Cr. 1 litre of petrol has a Central excise of Rs 8/- and Customs duty.
Oil Cos are pretending dodge debts and dozing returns? Does the level of economic output justify its spending and lifestyle of its employees (of Oil Companies?) The dividends are all transferred to GoI which never figure in the accounts. Government gets all. Plunder?
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