Consumers Pays the Cost of Hedging
16 August 2012 - Le Matinal
Consumers will still pay for the mismanagement of the State Trading Corporation (STC). Even if the organization has made a profit of around Rs 760 million, it will not pay the debt he had contracted in late July 2009 for hedging, said a close this file.
"If the STC was in financial difficulty then it would have been a problem to repay the loan, but such is the case now. The hedging is the hedging and the government has rescheduled the loan and it can be indefinite, "he said.
In the circles concerned, it was noted that if the STC wants, it can pay the 'hedging loss' and now it's going make a hole in the box, but it will not cause problems because the body has made a profit.
The hedging was to be completed in March of last year.
5 billion spent on hedging
In all the hedging, the government had to pay 5 billion: 4, 739, 000 billion for hedging and 250 million for interest. When the government levied on Rs 3 per liter of gasoline, he received Rs 100 million every month and this in 50 months, that is to say in April 2012, all full of hedging should have been paid. But now, the government receives only Rs 1 on each liter of gasoline.
In July 2009, Morgan Stanley and Mitsui co. Ltd, said STC to adjust the amount remaining and that is how STC has had to take loans with several banks to repay the sum of Rs 4, 739, 000 in late July 2009.
It is also the fact that between August 2008 and July 2009, the country was paying for oil at $ 161 a barrel when at some point the price per barrel was $ 46.
On every barrel of oil the country was losing $ 115. Reached the end of July 2009, STC have exhausted all the money it had. It had to borrow to pay for the debt because there was a hole of Rs 4, 739, 000.