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New Delhi, April 14 IndianOil Corporation Ltd is losing Rs 320 crore a day on sales of petroleum products due to continued volatility in international crude prices and no change in retail selling prices of the petroleum products in tandem.

“We are losing about Rs 320 crore a day on sale of petrol, diesel, domestic LPG and PDS kerosene,” Mr Sarthak Behuria, Chairman, told newspersons on the sidelines of fifth Asia Gas Partnership Summit here.

The public sector oil marketing companies — IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — currently lose Rs 10.78 a litre on petrol, Rs 17.02 per litre on diesel, Rs 316.06 every LPG cylinder and Rs 25.23 a litre on kerosene. “This year we are okay. But if the situation continues for another one year, our projects may get impacted,” he said.

IndianOil Director(Finance), Mr S.V. Narasimhan, said that the company’s borrowings have risen to Rs 35,400 crore as on March 31, 2008. IndianOil had about Rs 17,000 crore worth of oil bonds in hand at present.

Last year, it sold oil bonds worth Rs 10,000 crore and it may sell the same amount during the current fiscal also.

More Stories on : Performance | Petroleum

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