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In December, under recoveries for diesel averaged INR 5.1/lt (INR 3.3/lt in November), while LPG under-recoveries stood at INR 288/cylinder (+31.1% M-o-M). Increase in crude prices combined with increase in product spreads led to the same.
Indian Complex GRMs improved 12.0% M-o-M to 12.5 USD/bbl on back of increase in gasoline and naphtha spreads.
Arab Light-Heavy spread continued to expand and averaged USD 4.6/bbl for December 2010.
Some major company events/news during the month:
ü EGoM meet scheduled in December end, to consider diesel and LPG price hike, was deferred without any timeframe for the meeting
ü ONGC and Sistema decided to merge their oil & gas businesses in Russia under a JV in a no-cash deal, where ONGC will have 25% shareholding with a say in management
ü OMCs increased prices of petrol by INR 2.95-2.96 a litre to bring petrol price in line with the prevailing international price
ü Government approved 10% hike in price of natural gas that ONGC sells to consumers in non-priority sectors such as steel and petrochemicals
ü Dip in gas production from RIL’s KG-D6 field to 49 mmscmd with the company indicating that its gas production costs from the field have increased by 40%
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