New Delhi, Apr 14: State-owned IndianOil Corporation (IOC) today said the company is losing Rs 320 crore per day on subsidised fuel sale amidst spiralling crude oil prices.
''The company is losing Rs 320 crore per day on sale of petrol, diesel, LPG and Kerosene,'' company Chairman S Behuria told reporters on the sidelines of Fifth Asia Gas Partnership Summit here. Right now, the company is able to manage this loss, he said adding but if this continues for one more year, the investment in the project will be impacted.
The country's largest oil firm's borrowings as of March 31, 2008 have risen to Rs 34,000 crore, Mr Behuria said. The company plans to a capital expenditure of Rs 7,500 crore in fiscal 2008-09. ''This will be mainly on Panipat cracker, Gujarat refinery upgradation, Haldia hydro cracker, some in Paradip refinery and pipelines,'' he said.
The company is expected to import 4.0-4.5 million tones of oil products, comprising mainly kerosene and liquefied petroleum gas (LPG), in the current financial year. ''The kerosene imports will be a little over two million tonnes and LPG around 1.5 million tonnes, and diesel we will import just to meet demand,'' the Chairman said.
IOC has 10 refineries spread across the country with a capacity to process 1.2 million barrels a day.