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Indian Simple GRMs improved 181.6% M-o-M, to 2.2 USD/bbl, due to an increase in products spreads primarily due to the impact of strikes in France. Likewise, Indian Complex GRMs also exhibited a positive trend during the month, increasing 25.5% M-o-M. Except for FO, other product spreads, including gasoline, kerosene, LPG, naptha and diesel cracks, improved during October 2010.
ü In October, the Finance ministry has approved an ad hoc package of INR 100 bn to OMCs to cover up for the fuel losses incurred during H1FY11. Total loss of the companies is estimated at INR 310 bn and upstream is expected to contribute another INR ~100 bn towards the losses incurred. This leaves OMCs with the remaining burden of under recoveries to the tune of INR ~110 bn.
ü During the month, IOCL, BPCL and HPCL increased prices of petrol again after raising it the previous month. This time, hike was in the INR 0.70-0.72 range.
ü News for the month
n 28 Oct: Panna-Mukta fields resume production after a pipeline leak
n 20 Oct: GSPL wins contract for 1,600-km Mallavaram to Bhilwara pipeline
n 18 Oct: RIL raises USD 1.5 bn via dollar bonds
n 18 Oct: ONGC notifies two more O&G discoveries in Cauvery Basin block
n 07 Oct: GAIL places INR ~6.8 bn orders for laying Dabhol -Bangalore pipeline
n 05 Oct: IGL raises price of CNG by INR 0.25 and INR 0.40 a kg in Delhi
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