Disappointing the expectations of fuel retailers, Indian ministers have failed to attain a decision on revising oil prices.
“Nothing is decided,” is all that Oil Secretary MS Srinivasan had to tell the media.
However, the union minister for petroleum and natural gas, Murli Deora, informed that the panel will meet again on Friday or Saturday to draw some solutions for the state oil firms as they have to sell fuel at subsidised rates.
The fuel retail market, everyday, sees losses worth several billions, and was hoping for some favourable decision from the government.
Indiaretailing had earlier reported that Indian Oil Corporation (IOC), one of the leading fuel retailers, is losing Rs 1.7 billion ($43.1 million) a day by selling cheap fuels.
IOC’s director of finance SV Narasimhan had issued a statement saying that the firm’s revenue loss on the sale of petrol was about Rs 9.20 per litre, while it was losing almost Rs 10.9 on a litre of diesel. For cooking gas, the firm witnesses loss of Rs 331 per cylinder.