No petrol, diesel price hike likely despite crude oil price surge as elections loom- Moody’s
Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody’s Investors Service said. Three state-owned fuel retailers — Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.
International oil prices have firmed up since August, leading to margins of three retailers turning negative again. “High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India — IOC, BPCL and HPCL,” Moody’s said in a report. “The three companies w…
PFC, IRFC bonds get huge investor response
The bond issuances by Power Finance Corporation (PFC) and Indian Railway Finance Corporation (IRFC) received strong response on Wednesday, with investors bidding more than double the notified amount.
The issuances by these two public sector units received bids aggregating Rs 14,589 crore, against the total notified amount of Rs 6,500 crore. However, funds have been raised at a relatively higher cost due to the hardening in coupon rates in recent months.
The IRFC issue received total bids worth Rs 7,610 crore, against the issue size of Rs 3,000 crore, while PFC received total bids worth Rs 6,979 crore for its Rs 3,500-crore issuance. IRFC raised funds at a coupon rate of 7.67% while PFC mopped up at 7.69%.
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