Oil marketing companies gain as minister backs demand for compensation

Earlier this week, sources told CNBC TV-18 that oil marketing companies are now expecting a cash compensation of Rs 50,000 crore for the losses incurred in 2022

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Shares of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil gained over a percent on January 13 as their compensation demand found support in Union Minister Hardeep Singh Puri.

“Oil marketing companies (OMCs), as good corporate citizens, took a big hit on the LPG (liquified petroleum gas) front when prices were surging globally. They came to us and said they need to be compensated as they also raised money from market, banks. They were answerable to their shareholders. So, we released Rs 22,000 crore in October to compensate them,” Puri said in New Delhi on January 12.

“Now, they are telling us they have taken a hit on petrol and diesel as well. It is under discussion now. As a line minister, I am supporting them,” Puri said.

OMCs had kept the retail prices of petrol and diesel unchanged despite spot crude oil prices surging globally in 2022. This led to steep marketing losses in the second quarter. BPCL reported a consolidated net loss of Rs 338.5 crore, for Indian Oil, it was Rs 272 crore, and Rs 2,172.14 crore for HPCL.

Earlier this week, sources told CNBC TV-18 that OMCs are now expecting a cash compensation of Rs 50,000 crore for the losses incurred in 2022. The public sector oil companies also expect an immediate Rs 2-3 hike on diesel prices as they are still recording under-recovery in diesel.

At 2:30pm, the shares of HPCL, Indian Oil and BPCL were up close to 1 percent, with BPCL the biggest gainer at 1.5 percent.