IOOA demands better health for PSU OMCs
New Delhi   05-Mar-2010
IndianOil Officers Association (IOOA) has expressed its concern to improve the health of Oil Sector PSUs. Mr. Mukul Kumar, President of IndianOil Officers Association (IOOA ), along with Core group members met the Minister for Heavy Industries and DPE Vilasrao Deshmukh and discussed with him Issues related to the energy security of the nation and deteriorating financial health of PSU Oil Marketing Companies. President IOOA requested for intervention of Honble Minister to take steps to improve the financial health of PSU OH Marketing Companies. It was also brought to the notice of the Minister that in spite of excellent MOU Rating and physical performance the executives of IndianOil are not getting the payments of PRP as per their eligibility. As per the DPE guidelines 60 per cent of PRP amount is sourced from PBT and 40% of PRP comes from incremental profits. As oil Companies are not allowed to sell as per market driven RSP heavy losses are sustained and the profitability is impaired.