BPCL expects to get oil bonds worth Rs 2200 crore

Mumbai, Mar 18 (UNI) State-owned refining major, Bharat Petroleum Corporation Ltd (BPCL) expects to receive oil bonds aggregating Rs 2200 crore.

Sources at BPCL said these oil bonds are being issued by the Government to State-owned oil marketing companies to compensate for the losses arising on the sale of diesel, petrol, LPG and kerosene below cost prices.

The company expects losses for the fourth quarter of fiscal 2006 to be in four digits and total revenue loss for fiscal 2006 of around Rs 4000 crore. Currently, the company is incurring losses of Rs 2 per litre on petrol and Rs 3 per litre on diesel, Rs 171 per LPG cylinder and about Rs 12 per litre on kerosene.

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