Oil & Gas Industry Indian Oil Industry Struggles
India's oil industry struggles: Three public oil marketing firms yesterday said they were under 'huge financial strain' due to selling diesel, kerosene and cooking gas at subsidised rates and would have reported a combined loss of US $ 24 billion had the Government of India not assisted them, IANS reported.
Mumbai/India – “A false impression is being created in some sections that the oil marketing companies have recorded huge profits in 2011-12. On the contrary, the OMCs have been incurring huge losses,” Chairmen and Managing Directors of Indian Oil, Hindustan Petroleum and Bharat Petroleum said in a joint statement.
Already in 2011, India's crude imports rose significantly: The country’s provisional crude oil import during 2011-12 stopped at 172.11 MMT. This was 5 per cent more than the crude oil import of 163.59 MMT in 2010-11.