Financial Daily from THE HINDU group of publications
Wednesday, April 19, 2006
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Financial Daily from THE HINDU group of publications Wednesday, April 19, 2006 |
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News Update as at 18.00 hrs (IST)
General NEW DELHI: With crude oil touching a record $72 per barrel, Indian Oil Corporation (IOC) is seeking a Rs 5.60 per litre increase in petrol and Rs 7.60 a litre hike in diesel prices to offset the Rs 80 crore revenue loss per day it was suffering on sellin g fuel below production cost. "If crude prices stay at current levels, our revenue loss for fiscal 2006-07 would be around Rs 30,000 crore," IOC chairman Mr S Behuria told reporters here. IOC was selling kerosene at a loss of Rs 13 per litre and a loss of Rs 191 on sale of every cylinder of domestic cooking gas (LPG). In April alone, our revenue loss is estimated at Rs 2500 crore, he said. Petroleum Minister Murli Deora is likely to meet Finance Minister P Chidambaram next week to discuss a package of tax measures to help loss-making oil refiners. - PTI
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