December 11, 2023
Jawhar Sircar’s supplementary question during Question Hour on the amount of profit made by two particular private companies from buying cheap Russian oil

Sir, the Minister has been repeatedly mentioning that the oil marketing companies have taken a hit and, therefore, the customers have been safe. He has given it to me in writing on 25th November that public sector oil marketing companies have suffered under recovery. Admitted. At the same time, would the hon. Minister be kind enough to state how much profits went to the private oil refiners during the same critical period? Because I have data with me, at my disposal, which we are exchanging, sometimes not in the best of manner, we are in regular exchange? How much profits were made? Okay; I am naming two companies, Reliance and Roseneft that has taken over Essar company in Gujarat, at rock bottom prices. They bought it at rock bottom spot prices from the Russians whereas oil companies were unable to take the Russian offer despite the fact that External Affairs Minister was defending our stand because they were bound by long-term contracts. So, the benefit of the Russian oil went to two private limited companies. How much profit did they make? When you are talking, do not make gesticulations like this. Do not make gesticulations like this. We all are addressing the hon.