India's State Oil Companies Lose $90 Million a Day
MARCH 22, 2011, 8:20 A.M. ETBy RAKESH SHARMA
NEW DELHI – India's state-run oil marketing companies are suffering a revenue loss of 4.08 billion rupees ($90.7 million) each day due to discounted fuel sales, Hindustan Petroleum Corp.Finance Director Bhaswar Mukherjee said Tuesday.
India's state-run fuel retailers, Hindustan Petroleum, Bharat Petroleum Corp. and Indian Oil Corp. sell some fuels at government-mandated below-market rates to help control inflation. Due to high global crude oil prices, revenue losses are mounting.
Hindustan Petroleum is currently losing 14.03 rupees for each liter of diesel sold and 23.55 rupees on each liter of kerosene, Mr. Mukherjee told reporters.
The state-run company is also losing 289.36 rupees for each liter of cooking gas, or liquefied petroleum gas, Mr. Mukherjee added.
Write to Rakesh Sharma at rakesh.sharma@dowjones.com
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