IOC losing Rs 9,200 cr per day on fuel sales

NEW DELHI: Indian Oil Corporation on Friday said it is losing Rs 9,200 crore per day on fuel sales as the government has not allowed the company to raise retail prices in line with international rates.

"The industry is losing about Rs 185 crore per day on petrol diesel, LPG and Kerosene. Our losses should be in the range of Rs 90-100 crore per day," IOC chairman Sarthak Behuria told reporters.

Behuria said the company expects the government to take a view on the industry plight next week. "We are given to understand that the Cabinet may next week decide on the oil bonds to be issued to oil companies to partly compensate the losses," he said. The govt may this year issue oil bonds worth Rs 24,000-25,000 crore, he said.