Financial Daily from THE HINDU group of publications
Thursday, Mar 02, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 02, 2006 |
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Corporate
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Outlook Industry & Economy - Petroleum IOC's revenue loss on LPG sales to come down Our Bureau
New Delhi , March 1 Indian Oil Corporation Ltd on Wednesday said that its revenue loss on sale of cooking gas (LPG) would come down by Rs 600-650 crore a year because of certain Budget proposals announced by the Finance Minister, Mr P. Chidambaram, on Tuesday. Speaking to newspersons at the sidelines of a function here, Mr S.V. Narsimhan, Director (Finance), IOC, said, "The company is currently losing Rs 223 per cylinder on the sale of liquefied petroleum gas." "By bringing in LPG in the category of declared goods, it is a great relief for us. A positive step that shows something will happen for downstream companies in the future as well," he added. Indian Oil was currently suffering a revenue loss of Rs 1,600 crore a month on retail sales of petrol, diesel, cooking gas, and kerosene.
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