OMCs Di Pareshani Vadi: Price Hike Baad Vi Bade Nuksan
Sarkari kimtan vadhaun de bawajood, pramukh Oil Marketing Companies (OMCs) jiven ki Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) ate Hindustan Petroleum Corporation (HPCL) Aviation Turbine Fuel (ATF) ate commercial Liquefied Petroleum Gas (LPG) vachande hoye bade nuksan jhel riha ne. ATF sale te lagbhag ₹64 prati litre da nuksan ho reha hai, jo ki $109 prati barrel de barabar hai. Haalanki ATF kul sale da ik chhota hissa hai, lekin annualy ehde saame bade figures ne: IOCL nu lagbhag ₹23,600 crore, BPCL nu ₹9,500 crore, ate HPCL nu ₹5,300 crore da nuksan ho sakda hai.
Commercial LPG diyan kimtan lagbhag 10% vadhaun te kharcha cover karn de kareeb aa gayian ne, par domestic LPG cylinders te nuksan lagbhag ₹380 prati cylinder tak pahunch geya hai. Es naal sarkaar nu zyaada subsidy deni paindi hai. Eh pareshani share prices vich vi dikh rahi hai; pichle mahine HPCL de shares 21%, IOCL 24% ate BPCL 25% giren, jo ki BSE Sensex de 8.8% di giravat ton bahut zyada hai. March 2026 tak, HPCL, BPCL ate IOCL jaise OMCs da P/E ratio 4.8x te 9x de vich vich hai, jo dasda hai ke investors unhan di paisa kamon di kabiliyat bare chintit ne. Haal hi vich excise duty vich keeti geyi kami thoda sahara de sakdi hai, par eh $106.7 prati barrel de kareeb chal rahe crude oil diyan uchiyaan kimtaan ate kamzor rupee di mool samasya nu hal nahi kardaa.
LPG Di Ghatote Di Samasya Sarkari Budget Te Bhari Pai Rahi Hai
Domestic LPG sale te vadhte nuksan sarkaar de budget layi ik vadi chunauti ban geya hai. Har cylinder te lagbhag ₹380 de nuksan naal, subsidy da kharcha lagataar vadh reha hai. Sarkaar dwara inhan kharchiyan da paisa wapas milan vich deriyan hondi hai, jis naal budget vich anishchitata aa jandi hai. Rating agency ICRA da anumaan hai ke FY2027 tak LPG di ghatota lagbhag ₹200 billion tak pahunch sakda hai, jo sarkaar de kharchan diyan yojnaan te aur dabav paaooga.
City Gas Firms Da Bhavishya Mila-Julea
City Gas Distributors (CGDs) da bhavishya alag-alag nazar aa reha hai, khaas kar ke Bharat vich gas di pricing ate global LNG market vich aa rahe badlavan karan. Sarkaar dwara tay keeti gayi APM gas di kimmat $7 per mmbtu ho gayi hai, ate navin vikasit gas (NWG) di kimmat $12.91 per mmbtu tak pahunch gayi hai, jis naal cheezan vich uljhan aa gayi hai. Mahanagar Gas (MGL) ek majboot sthiti vich hai kyunki eh Henry Hub prices naal judi sasti gas da zyaada istemaal kardi hai, jo ise nu kimtan de utar-chadhav ton bachaundi hai. Es de vipreet, Indraprastha Gas (IGL) Brent crude prices naal judi gas da zyada istemaal kardi hai, ate Gujarat Gas sab ton zyada asar-greesht hai kyunki eh mehange spot LNG 'te nirbhar hai.
City gas stock prices vich haal hi vich badi giraavat aayi hai. MGL ate Gujarat Gas de shares lagbhag 22% giren han, ate IGL 11% pichle mahine geya hai. Pichle saal, CGD stocks ne kharaab pradarshan kita hai, jo 31% tak giren han, jithhe MGL ate IGL nu sab ton zyada nuksan hoya. Eh industry-wide samasya, jiven ki kam APM gas allowance ate uchi global LNG kimtaan, jina karan CGD companiyan nu mehngi imported gas da istemaal karna panda hai, unhan de profits nu nuksaan pahuncha rahi hai. Udaaharn layi, IGL da P/E ratio lagbhag 12.30x hai.
Petronet LNG Da Expansion, RIL Nu Mili Tax Di Chhoot
Petronet LNG ne apne Dahej terminal te 5 million tonne prati varsh da ik vadda expansion poora kar leya hai, jis naal kul capacity 22.5 mtpa ho gayi hai. Eh expansion global anishchitata de vich Bharat di gas import capacity ate energy security nu vadhaonda hai. Petronet LNG de shares 1 April, 2026 nu 5.2% vadhe, jis naal pichle mahine di badi giraavat ton ubarn vich madad mili.
Ik mahatvapurn vikas vich, Reliance Industries (RIL) apne Special Economic Zone (SEZ) refinery operations lyi company profit 'te laggu navin tax ton chhoot prapat kardi hai. Haalanki eh tax doosri companiyan de refining profits nu prabhavit karegi, RIL da SEZ unit, jo usdi diesel ate jet fuel da vadda hissa export lyi sambhalda hai, oh is naal prabhavit nahi ho reha. Eh RIL nu ik vadda fayda dinda hai, jis naal eh majboot product prices da fayda chukdian apni refining profits nu barqarar rakh sakdi hai, OMCs ya doosre refiners de vipreet. RIL da P/E ratio lagbhag 23.0x hai, jo usde majboot business model ate refining capabilities nu dasda hai.
OMCs Nun Kin Karana Penda Ae Struggle: Kamzoriyan Ate Niyaman
Kimtan vich badlavan de bawajood OMCs da lagataar nuksan ik andaruni kamzoori nu darshanda hai. Sarkaar dwara consumeran nu imported crude oil da poora mul na paas karan da faisla, khaas kar ke domestic LPG lyi, lagataar subsidy da kharcha paida karda hai. Eh pehlan vi ho chukya hai; pichle data dasde ne ke jab global kimtan wadiyan si taan bade ghaate hoye san. Petroleum and Natural Gas Regulatory Board (PNGRB) ate Directorate General of Hydrocarbons (DGH) industry nu supervise karde han, market niyaman nu consumer diyan lodan naal santulit karan da maksad rakhde han. Hawale, eh vartman paristhiti lagataar financial dabav paida kar rahi hai. Haal vich ATF di kimmat vich vadh, haalanki vadi hai, par eh kharchyan nu poora karn lyi kafi nahi hai. Eh airlines 'te aur dabav pa sakdi hai ate sarkaar te aur zyada subsidy di mang kar sakdi hai je global kimtan vadhadiyan rehan.
Bhavishya Da Nazariya Ate Analyst'an Di Rai
Nomura da prarambhik nazariya OMCs lyi margin pressure te CGDs lyi mila-julea bhavishya dekhda hai. Domestic LPG 'te bade nuksan lagataar budget di chunauti nu zahir karde ne jis lyi aur sarkari kadam athva sudhar di lod ho sakdi hai. Bharat di urja source nu diversify karan di yojna ate navin niyam, jiven ki Petroleum and Natural Gas Rules, 2025, investment nu akarshit karan ate business nu asan banon da maksad rakhan han. Analyst is gal da ishara karde ne ke upstream companiyan jiven ONGC ate Oil India global ghatnaan ate majboot domestic output di madad naal acha kar rahi han. Hawale, downstream players jiven OMCs kimtan de utar-chadhav ate subsidies da jokhim jhel rahe han. CGDs lyi, mukh samasya vikri di matra nu profitability naal santulit karna hovega, badal rahe gas kimtan ate niyaman nu dhyan vich rakhan hoye.