IOC suffer Rs 8570 cr loss on high crude prices

New Delhi, Oct 30 (UNI) State-owned oil marketing company, Indian Oil Corporation (IOC) today said it will suffer a net loss of Rs 8,570 crore durin the current fiscal if the global crude oil prices continues to surge ahead.

Reeling under heavy losses amounting to Rs 3,500 crores in April-September period the company Chairman Sarthak Behuria said the current under recoveries is per day is Rs 96 crore.

''If the government does not revise the retail selling prices of fuel in line with international prices, our under recoveries will touch Rs 121 crore per day from november this year,'' Mr Behuria told reporters.

The company is currently losing Rs 3.90 per litre on petrol, Rs 6.22 per litre on diesel, Kersone Rs 15.99 and Rs 174.17 on per cylinder of LPG.

Mr Behuria cautioned that if the situation does not improve the under-recoveries from November on Petrol and Diesel will go up to Rs 4.94 per litre and Rs 6.50 per litre respectively, while for kerosene it will be Rs 16.42 and LPG Rs 207.

UNI