Business Daily from THE HINDU group of publications
Saturday, Oct 06, 2007
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Business Daily from THE HINDU group of publications Saturday, Oct 06, 2007 ePaper |
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Performance Industry & Economy - Petroleum IOC losing Rs 100 cr a day on petro products sale
Our Bureau New Delhi, Oct. 5 State-owned Indian Oil Corporation Ltd (IOC) is losing Rs 90-Rs 100 crore per day on sale of petroleum products.Mr Sarthak Behuria, Chairman, IOC, told newspersons here on Friday, on the sidelines of an energy conference that, “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.” The oil retailing companies (OMCs) were 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. “‘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 said. 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. The Petroleum Ministry has been closely monitoring the volatility in the crude price. Indications are that the Union Cabinet, which is expected to consider issue of oil bonds, may also review prices of oil products next week. However, according to official sources, a hike in retail rates seems unlikely. The Indian crude basket on Thursday closed at $74.80 a barrel, down from $75.22 a barrel on the previous day. The April to date (October 4) average for the current year stood at $69.56 per barrel. For the current month, the average stood at $75.27 a barrel. The Indian basket touched it’s highest for the current year on September 28 at $78.46 a barrel. IOC losing Rs 80 cr a day on sale sops `IOC losing Rs 2,500 cr every month' Four-fold rise in IOC Q4 net profit More Stories on : Performance | Petroleum
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