Industry & Economy
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Petroleum
Crude prices could harden further, says IOC chief
Our Bureau
Chennai
,
Aug. 23
INTERNATIONAL crude prices could harden further, the Chairman of Indian Oil Corporation, Mr M.S. Ramachandran, said here on Monday.
Speaking at the annual general meeting of shareholders of Chennai Petroleum Corporation Ltd, Mr Ramachandran noted that because of the surging demand for petroleum products, capacity utilisation of world's refineries had increased to an unprecedented 96 per cent.
"Refineries are working flat out, there is still more demand and winter is approaching," he said. (Demand for petroleum products goes up in winter months.)
Mr Ramachandran, who is also the Chairman of Chennai Petroleum Corporation, said that the outlook for the company looked promising "notwithstanding the lower gross refinery margins due to recent customs duty cuts."
He said that a decision was still awaited from the Government on IOC's request for a fast-track arrangement to invest in oil fields abroad.
Due to the recent lowering of excise duty on some petroleum products, marketing companies (such as IOC) could reduce their losses. "There is still some under-recovery," he said.
The oil marketing companies were asking the Government for price hikes, he said.
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