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05-02-2012, 09:49 AM #1
Oil marketing firms losing Rs 518 crore per day
Oil marketing companies are losing Rs 518 crore per day on sale of diesel, kerosene and domestic liquefied petroleum gas (LPG).
The Petroleum and Natural Gas Ministry data released on Tuesday shows that oil retailers are expected to lose Rs 13.91 on sale of each litre of diesel in the first fortnight of May, while under recoveries on domestic LPG are pegged at Rs 480.50 per cylinder
Marketing firms are losing Rs 31.49 on the sale of every litre of kerosene through the public distribution system.
An empowered group of ministers headed by Finance Minister Pranab Mukherjee is likely to meet later this month to work out a mechanism to cut losses of oil marketing firms like Indian Oil, Hindustan Petroleum and Bharat Petroleum.