14:13
Moneycontrol BureauLive Market Commentary
The market fell further in afternoon trade, losing more than 2 percent on steep fall in domestic currency. The rupee fell 161 paise to 67.61 against the US dollar.
The Sensex is down 384.79 points at 18501.34, and the Nifty is down 129.40 points at 5421.35. Declining shares outpaced advancing ones by 1238 to 793 on the Bombay Stock Exchange.
Bankex crashed 4 percent followed by Oil & Gas, FMCG, Realty and Capital Goods with 2-3 percent losses.
According to experts, if the rupee depreciation continues, then the import bill of the country may increase further. India is the net importer of oil.
The government had hiked petrol price by Rs 2.35 per litre and diesel by 50 paise last Saturday, but that is not enough because under-recovery of oil marketing companies are still high.
Lamenting the high fuel subsidy burden, Sudhir Vasudeva, chairman, ONGC , says hiking diesel price is the only option to combat rising fuel prices globally.
Also read: ONGC's Q1 subsidy burden around Rs 12300cr
Speaking to CNBC-TV18, Vasudeva says the company will be facing a far larger subsidy burden this year (FY14) than it did in FY13. The company paid Rs 49421 crore in FY13 as subsidy burden.
"In Q1 we have got USD 40.17 per barrel after the discounts. Now cost of production for the year 2012-13 is USD 40.08. That means I am getting only 13-14 cents for every barrel of oil production. In that case, how do I survive? Not only do we have to generate funds for sustaining our today's operation but we also have to generate funds for propelling our growth for future. So, now, it is a matter of our survival," says Vasudeva.
Additionally, Vasudeva says the upstream company needs a net realisation of atleast USD 65 per barrel and a one-time diesel price hike to be able to combat the rising fuel prices.
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