Oil PSUs Losing More Than R 180 000 Cr Fuel Sales This Fiscal Year

State-owned oil companies, companies lose more than Rs 1,80,000 crore to fuel huge sales this fiscal year, the country, if retail prices were hiked up with the cost of raw materials.

Indian Oil, Bharat Petroleum and Hindustan Petroleum "in current international crude oil prices lost Rs 180,208 crore revenue from the sale of diesel, domestic LPG and kerosene below import cost in 2011-12 fiscal," a representative Industry said in New Delhi.

The loss of income, which applies the recovery of oil companies, will be the highest in history, even more than they lost in 2008-09, when crude oil hit a record $ 147 a barrel. The three oil companies are now losing a record of 18.19 rupees per liter on diesel, Rs 29.69 per liter of kerosene and Rs 329.73 per 14.2 kg cylinder of LPG internal reports PTI.

In addition, you lose about Rs 7.50 per liter of gasoline, whose rates have not evolved with the cost of imports, despite its price to be freed from government control last June. "Losses on gasoline not included in the figures under-recovery of 2011-12 is an unregulated product," said the official.

Basket of crude India buys averaged 83.57 dollars per barrel in 2008-09 and estimates for this year was done at the prevailing rate of about $ 110 a barrel.

"The average price of Indian basket of crude oil last year was 85.09 dollars per barrel, higher than the average 2008-09, when the government cut customs duties and excise on petroleum products and to verify the impact of rising international prices on domestic markets, the official said.

In 2008-09, the Government had issued bonds worth Rs 71,292 crore for the three oil companies to compensate more than two-thirds of 103,292 rupees crore revenue loss. Upstream oil companies like ONGC Rs 32.000 crore other.

In 2010-11, the three companies lost Rs 78,202 crore, but so far the Government has provided Rs 20.911 million rupees as compensation. The oil marketing companies lost Rs 2.227 million rupees on sales of imported gasoline at a loss in April and June, before the award was freed from government control. Lost Rs 34.384 million rupees on sales of diesel, Rs 19.566 million rupees on PDS kerosene and Rs 22,025 crore on sale of domestic LPG.