IOC losing over Rs 4 a litre on petrol sales

IOC losing over Rs 4 a litre on petrol sales New Delhi: State-run Indian Oil Corp (IOC) on Friday said it is losing more than Rs 4 a litre on selling petrol and over Rs 2 per litre on diesel.

IOC and sister PSUs Bharat Petroleum and Hindustan Petroleum are losing Rs 4.60 on sale of every litre of petrol and Rs 2.33 per litre of diesel currently, IOC Director (Marketing) G C Dagga told reporters here.

Besides, they lose Rs 15.46 per litre on kerosene and Rs 158.78 per domestic LPG cylinder as Government has not allowed them to revise retail prices.

The three firms together lose about Rs 200 crore per day on sale of the four fuels.

Dagga said IOC may not import petrol and diesel during the current financial year and instead will meet the shortfall by procuring from local refineries like Reliance Industries Ltd.

''I don't foresee any requirement for imports this year (2009-10),'' he said.

The company has been buying petrol and diesel from RIL, Essar Oil Ltd and Mangalore Refinery and Petrochemicals Ltd.

Bureau Report