Oil and Gas - Under recoveries soar; : Edelweiss PDF link

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Brent crude prices surged in March averaging USD126.4/bbl (up 4.4% MoM) due to concerns around Iran. INR depreciated 2.4% against USD. Indian complex GRMs and Singapore GRMs dipped USD2.0/bbl and USD2.1/bbl, respectively, due to fall in diesel spreads. In marketing, LPG under-recoveries spiked ~11% MoM to INR424/cyl due to increase in prices of propane and butane (touched interim high of INR550/cyl on March 29). Petrol, diesel and kerosene under-recoveries averaged INR5.5/ltr, INR11.8/ltr and INR28.8/ltr, respectively. Top Picks: BPCL, ONGC, RIL.

Some major company events during the month

ü       In Union Budget FY12-13, GoI increased cess on domestic crude production from INR2,500/mt to INR4,500/mt. 

ü       Niko hinted that there may be a cut in KG-D6 reserves.

ü       Essar Oil, MRPL, CPCL announced completion of refinery expansion programmes.

ü       GAIL received commissioning cargo for its Dabhol LNG terminal in last week of March 2012.

ü       IGL hiked CNG prices by INR1.8/kg on March 06 to INR35.45/kg in Delhi.

Oil and Gas - Under recoveries soar; sector update