Oil marketing companies IOC, HPCL, BPCL are together suffering losses of Rs 6 billion a day on fuel sales which has led to a problem of cash crunch and concerns over demands for immediately raising credit limits.
The state-run retailers are losing Rs 11.60 a liter on the sale of petrol, Rs 23.23 a liter on diesel, Rs 39.55 a liter on kerosene and about Rs 349 per 14.2-kg domestic LPG cylinder.
IOC, BPCL and HPCL are together likely to lose over Rs 2,050 billion in revenues this fiscal.
While HPCL has sought an additional credit limit of Rs 25 billion over the present limit of Rs 207 billion, BPCL has asked for Rs 30 billion more.
The situation has arisen as the oil companies have not got oil bonds for past quarters. The government makes up for half of the revenue loss on fuel sales through the issue of oil bonds.
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