While the rupee fall against dollar is a bad news to oil and gas consumers in the country, the same is a boost to the earnings of ONGC, Cairn India, Reliance Industries and Oil India. The dollar-linked price of oil and gas has risen about 17 per cent in four months. This is a bad news for oil and gas consumers in the country as they have to pay more for the essential petro products. India imports 80 per cent of crude oil, it processes and pays in dollars.
Government-owned and India’s biggest producer of natural gas, ONGC is said to have gained more than 400 crore in a quarter from natural gas alone. Even for the other State explorer Oil India would be smaller, in line with its size. The rupee’s value has depreciated from about 54 to a dollar in the middle of April to 63.2 on August 20.
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