Business

A major financial irregularity has surfaced at Vilas Sahakari Sugar Factory, with authorities registering a case against 69 contractors in connection with the alleged misappropriation of nearly ₹3 crore. According to preliminary investigations, the funds were reportedly diverted through questionable transactions, inflated bills, and irregular contract payments over a period of time. The alleged discrepancies came to light during an audit and subsequent scrutiny of the factory’s financial records. Officials stated that the case has been registered following the submission of detailed reports highlighting significant lapses in financial management and procurement procedures. The accused contractors are suspected of receiving payments that were either unsupported by proper documentation or linked to incomplete and unauthorized works. Law enforcement agencies have begun collecting records related to contracts, invoices, and payment approvals. Investigators are also examining the possible involvement of former officials and employees associated with the sugar factory’s administration during the period under review.

Due to the petrol shortage in Udgir area of ​​Latur district in the backdrop of the Iran-US war, vehicle owners are lining up at petrol pumps in the city and surrounding areas. Meanwhile, the diesel supply at BR Mukkawar petrol pump here has been stopped for seven days for selling diesel beyond the company’s norms. A few days ago, when there was a line of customers at Bharat Petroleum’s BR Mukkawar petrol pump in Udgir, instead of selling diesel to customers, they filled the diesel in one of their own tankers and took it to villages for retail sale. Despite clear instructions from Bharat Petroleum Company not to sell in these villages due to the shortage, after a video of Mukkawar selling went viral and the company received similar complaints, action has been taken to stop supply at this petrol pump for seven days. During this shortage, for the first time in Latur district, action has been taken against this pump in Udgir. Vehicle owners and agricultural vehicles are working hard all day and lining up for diesel at night. Therefore, when they have to work hard to get diesel, where did the petrol pump driver and three thousand liters of diesel go and sell it? This question is being raised by farmers.

While the budget of the common man has already collapsed due to the rising prices of petrol, diesel and CNG, now there is a possibility of a major financial shock regarding electricity bills. The Central Electricity Authority (CEA) has proposed to increase the fixed charge in electricity bills. If this proposal is approved, consumers may have to pay a fixed amount every month even if the electricity consumption is low or the house is completely shut down. Currently, there are two types of charges in the electricity bill. The first is the charge for the actual electricity units used and the second is the fixed charge. This fixed charge is charged in a fixed manner every month, regardless of whether the electricity consumption is more or less. Now a proposal has come to light to increase the share of this fixed charge. If this proposal is implemented, even consumers who use less electricity may have to pay a higher fixed charge. For example, if a family goes out of town for a month and does not use any electricity at home, they will still have to pay the fixed charge. This could create a situation where they will have to pay the bill even if they do not use electricity.

Last week, the government increased the prices of petrol and diesel by Rs 3 per litre. Indian fuel retailers are still losing money. According to experts, fuel retailers are not even covering their costs. They need another Rs 25 per litre hike to make a profit from marketing. According to these analysts, oil marketing companies (OMCs) are losing Rs 1380 crore every day. According to analysts, oil marketing companies are currently losing Rs 25 per litre (on average) on petrol and diesel. If LPG is also included, their daily losses increase to a whopping Rs 1380 crore. The brokerage firm estimates that if losses continue at this rate, Indian Oil Corporation (IOCL), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) will lose their entire balance sheet equity within 10, 4 and 2 years, respectively. HPCL is the most at risk. HPCL’s large marketing network has had the biggest impact on its integrated margins. According to the firm’s estimates, the company is currently losing $19 per barrel on an integrated basis. In comparison, IOCL is losing $4 per barrel and BPCL is losing $8 per barrel, while before the current oil crisis, all three companies were making profits of $12 to $14 per barrel. 

Gold prices witnessed a sharp rise after the government increased import duty on the precious metal, impacting both domestic markets and jewelry buyers. Traders reported a sudden spike in gold rates across major cities as the higher duty increased the overall cost of imports. Jewelry merchants and investors are closely monitoring market trends, while customers are expected to face higher purchase prices during the ongoing festive and wedding season. Experts believe the import duty hike could further influence demand and investment patterns in the coming weeks.