IOC losing Rs 90cr per day on petroleum products, LPG

New Delhi, July 30 (UNI) State-run Indian Oil Corporation (IOC) today said it is losing Rs 90 crore per day on the sale of petroleum products and LPG.

''We are losing Rs 5.88 per litre on petrol, Rs 4.80 on diesel, Rs 14.63 on kerosene and Rs 189.14 per cylinder on LPG,'' IOC Chairman S Behuria told reporters here today.

Meanwhile, the company today posted an impressive 11 per cent increase in its net profit at Rs 1,468.4 crore for the first quarter ended June 30, 2007 as compared to Rs 1,321.82 crore during the corresponding period last year.

The company's borrowings reduced to Rs 22,591 crore in the said period in comparison to Rs 27,083 crore during the corresponding quarter last year.

However, the company is making a gain of Rs 726 crore through foreign exchange benefits, which was Rs 318 crore, in the last quarter.

UNI