Indian Oil looks at posting profits on petrol saleOctober 31st, 2008 - 7:52 pm ICT by IANS
New Delhi, Oct 31 (IANS) The Indian Oil Corp (IOC) will make profits from its petrol sales from Saturday, even as it continues to post losses from other transport fuels and cooking gas, a top official said here Friday.“Petrol margins will turn positive from tomorrow,” Indian Oil chairman Sarthak Behuria told reporters, while announcing the second quarter results for the state-run oil marketing company.
IOC, incidentally, has posted a loss of Rs.70.4 billion for the second quarter of this fiscal.
The company would start making a profit of about Rs.4 per litre on petroleum, compared to the loss of Rs.2.85 in the second fortnight of October.
But, in the rest of the basket, it will continue to post losses. For diesel, the loss per litre will come down from Rs.7.26 to about Re.1.
The public sector undertaking had been losing Rs.29.19 per litre on kerosene - this gap will shrink to Rs.22 per litre.
But, IOC will be losing more on liquefied natural gas (LPG), with the per litre loss increasing from Rs.335 to Rs.343.
The daily under-realisation will come down from Rs.1.53 billion to Rs.800 million in November, with subsidy on kerosene and LPG accounting for the major part of subsidy losses.