IOC losing Rs 100 crore a day

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The oil retailing companies are losing Rs 4.34 per litre on petrol, Rs 6.90 per litre on diesel, Rs 174 per cylinder on LPG and Rs 16 per litre on kerosene for selling the products below the cost price.

State-owned Indian Oil Corporation Ltd (IOC) is losing Rs 90-Rs 100 crore per day on sale of petroleum products. the industry is losing about Rs 185 crore per day on petrol, diesel, LPG and kerosene. Our losses should be in the range of Rs 90-100 crore per day.”
Sarthak Behuria, chairman, IOC, told media on the sidelines of an energy conference.

‘We are given to understand that the Cabinet may, next week, decide on the oil bonds to be issued to oil companies to partly compensate for the losses.” he added.

The Petroleum Ministry has approached the Finance Ministry seeking oil bonds worth about Rs 24,000 crore to partly compensate the retailing companies — IOC, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.

However, according to industry sources, a hike in retail rates seems unlikely, though indications are that the Union Cabinet, which is expected to consider issue of oil bonds, may also review prices of oil products next week.

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