IOC losing Rs 8 cr a day due to petrol, diesel price cut

Faridabad, Dec 6 (UNI) IndianOil Corporation is losing eight crore rupees per day due to the recent cut in the petroleum products.

''We are incurring loss of eight crore rupees on petroleum products sales in a day due to the recent cut in petrol and diesel products. The overall loss is Rs 53-54 crore a day,'' IOC Chairman Sarthak Behuria told reporters here.

The loss incurrred on sale of a litre of diesel is Rs 2.01.

The company's gains on sale of petrol has shrunk to Rs 1.67 per litre. The losses on sale of LPG and Kerosene are Rs 132 a cylinder and Rs 31 a litre respectively, Mr Behuria added.

The government slashed petrol prices by Rs two a litre and diesel by Re one a litre, last week in move to contain the headline inflation.

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