Undeniably, achieving energy security would be a concern of national importance for any economy and rightly so the
Government of India has been undertaking a plethora of measures to achieve
this seemingly insurmountable goal. The Government of India's decision to
finally bite the bullet on domestic oil pricing reforms after a year that saw its
fuel subsidy bill skyrocket to more than $20 bn is indeed pathbreaking.
Consequently, petrol prices have been deregulated and diesel prices are all set to
follow suit and kerosene & LPG prices have witnessed a slight surge.
Notwithstanding the fact that these steps still fall short of what was required, there
is no denying the fact that a precedent has been set. This indeed augurs well for
oil and gas companies as well as the Indian economy in the long run.
According to the Analyst 500 ranking based on net sales, Indian Oil
Corporation Ltd. grabbed the top slot with net sales touching Rs 2,74,300 cr and
a profit after tax (PAT) of Rs 10,219 cr. Next comes private-owned oil
company, Reliance Industries Ltd. which notched a net income of Rs 1,94,610 cr and
PAT of Rs 16,235 cr. Bharat Petroleum Corporation Ltd. has occupied
3rd position with new income of Rs 1,22,003 cr and
a PAT of Rs 1,537 cr.
|
