Not just international cricket, Yuvraj also says goodbye to IPL
Mumbai: Not just international cricket, Yuvraj Singh Monday also bid adieu to the IPL, the cash-rich event in which he was costliest cricketer in 2015 but was picked up at base price this time.
Bucking the international trend of continuing IPL stints after international retirements, Yuvraj said he was clear about ending his sojourn with glamorous event last year itself.
The 37-year-old, who went for a record Rs 16 crore to the Delhi franchise back in 2015 turned up for the Mumbai Indians this year after being picked for a reduced base price of Rs one crore.
"Last year only I had thought that this year's IPL will be my last," an emotional Yuvraj said addressing the media here.
"I am not available for IPL. I have retired from BCCI and international cricket. I am looking forward to play outside India (in T20 leagues)."
He captained Kings XI Punjab and the now defunct Pune Warriors. He also represented Royal Challengers Bangalore and Sunrisers Hyderabad.
The left-handed batsman, who played just four matches for Mumbai Indians and scored 98 runs at an average of 24.50 including a half-century this year, felt it would have been better had he got more opportunities to play and bow out on a high.
"I was confused with my career and how I would end it. I would have been satisfied if I could have played more games in IPL 2019, would have been happy to leave the sport with that.
"But you don't get everything in life. I had decided last year that this IPL would be my last and I'll give it my best shot," Yuvraj, who has scored 2750 runs in 132 IPL matches at a strike rate of 129.71, confessed.
However, the he now wants to continue playing in other domestic T20 cricket leagues around the world if he gets the approval from the BCCI.
"I want to play T20 cricket. At this age I can manage to play some kind of fun cricket. I want to go and enjoy my life. It's been too stressful just thinking about my international career, performing and big tournaments like the IPL," said Yuvraj.
"Now I would like to enjoy myself. With BCCI's permission I would like to go and play. Just have fun for this year and maybe next year, whatever is left in me.
"It's been a very long and hard journey and I think I deserve that," he added.
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Rs 30,000 cr loss a month: Oil companies bleed as fuel prices on hold amid global energy spike
New Delhi (PTI): About Rs 700-1,000 crore loss per day. Rs 30,000 crore every month. India's state oil companies are quietly absorbing a massive financial hit to keep petrol, diesel and LPG prices unchanged even as global energy markets face a turmoil that is bigger than all previous crises combined.
While countries from Japan to United Kingdom have raised petrol and diesel prices by up to 30 per cent since the start of the West Asia conflict, fuel prices in India continue at two-year-old levels.
The war disrupted India's import of 40 per cent of crude oil (raw material for making petrol and diesel), 90 per cent cooking gas LPG and 65 per cent natural gas (used to generate electricity, make fertilizer, turned into CNG and piped to household kitchens for cooking), but state-owned oil companies have maintained uninterrupted fuel supplies with no rationing or shortage at any point in the last 10 weeks.
But this has come at a cost - Rs 30,000 crore under-recovery or loss every month for the three oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), two sources with direct knowledge of the matter said.
The under-recoveries - the gap between input costs and realised retail prices - rose sharply in March/April before tapering a bit. Daily under-recoveries during April were estimated at about Rs 18 per litre on petrol and Rs 25 per litre on diesel, translating into average losses of Rs 700-1,000 crore a day for OMCs, they said.
At a news briefing on developments in West Asia, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said prices in the international markets, on which India relies to meet 88 per cent of its oil needs, have been volatile and supplies impacted.
Crude oil prices which were around USD 70 per barrel two months ago, are now at USD 120, she said. "It has been government's endeavour to keep prices stable so far and that there is no price increase for consumers," she said. "This has hit finances of OMCs... monthly under-recoveries are of the order of Rs 30,000 crore."
She, however, refused to say if retail petrol and diesel prices will continue to hold.
"As I said, the endeavour so far has been to see that there is no price increase," she said.
The three oil marketing companies (OMCs) have worked overtime to keep the supply lines running even when demand spiked due to panic buying.
The government intervention included excise duty reductions and absorption of part of the fuel cost burden. The special additional excise duty on petrol was cut to Rs 3 per litre from Rs 13, while excise duty on diesel was reduced to zero from Rs 10 per litre.
The under-recoveries would have swelled to nearly Rs 62,500 crore had the government not cut excise duty on petrol and diesel by Rs 10 per litre each.
The government, Sharma said, has taken a hit of Rs 14,000 crore a month in cutting the excise duty.
The Centre's effective absorption at peak crude prices was estimated at around Rs 24 per litre for petrol and Rs 30 per litre for diesel.
The February 28 strikes by the United States and Israel on Iran triggered a sharp escalation in West Asia tensions. Energy prices surged as the conflict widened and shipping risks intensified in the Strait of Hormuz - the shipping lane through which India and other countries imported crude oil, LPG and natural gas from Gulf countries. Tanker movement was disrupted.
The companies also faced additional costs from emergency crude sourcing, higher freight charges due to vessel diversions, elevated marine insurance premiums and refinery optimisation expenses. Despite these pressures, fuel and LPG supplies remained uninterrupted across the country.
The surge in crude prices and the decision to shield consumers from higher retail prices placed significant strain on OMC balance sheets and refining margins, sources said.
They added that the measures reflected a policy decision to prioritise consumer stability and economic continuity during a global energy shock.
Sources warned that a prolonged period of elevated crude prices could lead to higher working capital borrowings and force some recalibration of capital expenditure plans. However, investments linked to refining expansion, energy security infrastructure, ethanol blending, biofuels and transition fuels would continue with government backing, they said.
India's approach contrasted with measures adopted by several other economies, where fuel prices rose sharply after the conflict-driven energy shock.
Petrol prices increased by about 34 per cent in Spain, 30 per cent in Japan, Italy and Israel, 27 per cent in Germany and 22 per cent in the United Kingdom, according to estimates. Several countries also introduced rationing, conservation advisories, emergency relief packages or fuel caps.
In India, petrol prices remained Rs 94.77 per litre and diesel at Rs 87.67, with no rationing, mobility restrictions or supply disruptions, they added.
Sharma said the revenues that OMCs earn are used to buy crude oil, build infrastructure to process it into fuel and create channels that will take the fuel to consumers.
Their capex spending is all dependent on the revenues they earn, she added.
