Integration with Mangalore Refinery and Petrochemicals Ltd (MRPL) still under discussion with Oil and Natural Gas Corporation (ONGC), said MK Surana, Chairman and Managing Director, Hindustan Petroleum Corp Ltd (HPCL).

"We are discussing with ONGC. Both companies have not taken the proposal to board. But we are definitely discussing. Both the companies want to create the value for the stakeholders of all the three companies.”

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On price front, Surana said, "Any formula you work out, you need to see the practicality of implementation also. The major component is the product price per se international price and taxation and if you have to give relief, international prices are not in your control. Taxation is one of the element. Of course, the government has to look at their budget also, but these are the three elements which we need to see.”

“We need to ensure that our financial health is there, so that we can perform, we can cater to the requirement and we can cater to the increasing need of the country. We also operate in a commercial space, so we need to maintain the health of the company and that is important for us,” he added.

HPCL on Wednesday reported 4% drop in its March quarter net profit on lower refining margins and inventory gains.

Net profit in the January-March quarter of the fiscal year 2017-18 at Rs 1,748 crore compared with a net profit of Rs 1,819 crore in the year-ago period.

First Published:May 23, 2018 6:01 PM IST