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Moneycontrol India :: News :: Boiling crude, OMC share burden may rise to 20%: Srcs :: Oil and Natural Gas Corporation :: MARKET OUTLOOK :: Upstream companies ,ONGC,OMC

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Boiling crude, OMC share burden may rise to 20%: Srcs

2008-05-15 15:46:13 Source : News Bulletins/CNBC-TV18

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By Sajeet Manghat, CNBC-TV18

Upstream companies like ONGC and GAIL might be hit, if they have to bear an additional 7% subsidy burden. Both the stocks are down today. India�s crude basket is at USD 120.02 per barrel.

FY08 oil subsidy burden is at Rs 77,000 crore.

Oil bonds share @ 50%: Rs 38500 cr
Upstream share @33%: Rs 25410 cr
OMC share @ 17-20%: Rs 13,090-15,400 cr

Sources said OMC share can rise up to 20% of oil subsidy for FY08. Upstream is unlikely to bear additional oil subsidy burden; the burden is limited to 33%. The government may ask OMCs to use refining gains to compensate marketing losses.

CNBC-TV18 Disclaimer

This information is source-based and has not been provided to the stock-exchanges.