State owned oil-refineries will suffer additional losses even as the fuel sales grew by 5%, because fuel prices were reduced. Now, a litre of petrol is Rs 5 cheaper and diesel costs Rs 2 less.
The three oil giants (Indian Oil Corporation, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.) are likely to suffer losses close to Rs 115,500 crore in this financial year. And with soaring oil prices at the start of this year, the companies had reported a loss of over Rs 13,000 crore.
The oil companies are making a profit of Rs 15 on every liter of petrol and about Rs 3 on diesel, but the loss made on cooking gas is approximately Rs 140 a cylinder and Rs 17 on each litre of kerosene.
