The Hindu Business Line : IOC opens fully automated petrol station in Mumbai

NEW FACILITY: Mr Sarthak Behuria (right), Chairman, Indian Oil Corporation Ltd, and Mr Satwant Singh, General Manager-Maharashtra & Goa, at the launch of the company's fully automated petrol station in Mumbai on Saturday. — Shashi Ashiwal

Mumbai , July 8

Indian Oil Corporation Ltd (IOC) is losing Rs 6-7 on every litre of diesel sold in the country. On petrol, the loss is Rs 3 and on LPG it is Rs 120 per cylinder, said the Chairman, Mr Sarthak Behuria.

He was speaking to media persons after inaugurating the company's first fully automated petrol station in Mumbai on Saturday.

Mr Behuria said that spiralling prices of international crude oil and the cap on domestic prices of petroleum products had resulted in huge losses for the domestic oil marketing companies. The accumulated losses are to the tune of Rs 70,000 crore.

To bridge the mounting losses, domestic companies will get Rs 28,000 crore from oil bonds and Rs 24,000 crore from upstream oil companies as subsidies and discounts.

The remaining shortfall would be met through cuts in Customs duty, he said.

Equity stake in HPL

On being questioned about the fate of equity participation in Haldia Petrochemicals Ltd by IOC, Mr Behuria declined to comment on the issue as it was sub-judice. He also confirmed that the company would independently develop the Paradip refinery. Earlier while addressing the audience at the inaugural ceremony, Mr Behuria said that despite under-realisations, the process of new investments would not stop. Petrochemicals would be the prime driver for future growth for which IOC would be investing Rs 30,000 crore in the coming years, he said. At the IOC's first fully automated petrol station, officials can monitor dispensing of petrol and diesel online. The petrol stations have been upgraded with the latest hardware and software, which even gives position of fuels and their density in the storage tank, which will help control fuel adulteration.