MRPL to get Rs 143cr from oil mktg firms

Mangalore Refinery and Petrochemicals (MRPL) today said it will receive Rs 142.88 crore as public sector oil marketing companies (OMCs) like - IOC, HPC and BPC - have agreed to refund discounts extended by it on domestic liquefied petroleum gas (LPG) and kerosene sold under the public distribution system.

The discounts of Rs 142.88 crore were accounted during the first two quarters of the current financial year, due to pending receipt of formal confirmation from OMCs toward the payment of full refinery transfer prices (RTP).

These discounts would now be reversed in the third quarter resulting in a credit of Rs 142.88 crore. The impact of getting full RTP without discounts for the full financial year would be around Rs 290 crore.

Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation have now agreed to make payment of full refinery transfer prices (RTPs) to MRPL towards the sale of LPG in domestic market and Kerosene under the PDS scheme with effect from April 1, without deducting any discounts.