Financial Daily from THE HINDU group of publications
Saturday, Mar 25, 2006
Financial Daily from THE HINDU group of publications Saturday, Mar 25, 2006 |
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Corporate
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Performance IOC suffers revenue loss of Rs 1,700 cr in March Our Bureau
New Delhi , March 24 Indian Oil Corporation Ltd (IndianOil) has said that the company has suffered a revenue loss of Rs 1,700 crore on sale of four petroleum products — petrol, diesel, cooking gas (LPG) and kerosene - in March alone, as the domestic fuel prices have not been changed in tune with the global prices. Speaking to mediapersons at the sidelines of the Oil and Gas Conference organised by The Energy and Resources Institute, Mr S.V. Narasimhan, Director-Finance, IndianOil, said, "our revenue loss on oil products sale is the highest in March."
Loss figures
The company is losing Rs 2.40 per litre on petrol and Rs 4.40 per litre on diesel. It is selling LPG at a loss of Rs 243 per cylinder and kerosene at a loss of Rs 13.10 per litre, he said. For the full year, the company's gross under-realisation was pegged at approximately Rs 23,000 crore. IndianOil's cross borrowings have risen from about Rs 16,000 crore as on March 2005 to Rs 25,000 crore by the end of this fiscal.
Panipat refinery
As regards the Panipat refinery of the company, Mr Narasimhan said the full capacity of the refinery would increase to 12 million tonnes per year after the completion of its expansion in July. "From May, some of the units will be commissioned and by July, the full expanded capacity of 12 mt will be operational," he said.
Related Stories: More Stories on : Performance | Petroleum
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