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 Industry & Economy - Petroleum


`No relief for oil PSEs'

Our Bureau

New Delhi, March 1

Mr S.M. Dewan, Chairman, Standing Conference of Public Enterprises (SCOPE), has said: "The Budget for 2006-07 is forward-looking but not path-breaking. Though higher equity and loan support for the public sector is a positive sign, there is no concrete growth measures for PSEs. The only redeeming factor has been an increase in equity support of Rs 16,901 crore and loans of Rs 2,789 crore to the CPSEs. SCOPE was expecting some positive measures along with relief for the overburdened oil PSEs in oil marketing. There is no good news for PSEs like IOC, BPCL and HPCL. Increase in petroleum cess on domestically produced crude would adversely impact the oil marketing companies and hit their bottomline further."

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