Indian Oil has suffered its first-ever loss, its books scorched by the government’s policy of shielding consumers from the flare-up in global crude prices.
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IOC chairman Sarthak Behuria said losses were the result of the Rs 3,194-crore that has not been recovered from the sale of petrol, diesel, kerosene and cooking gas at prices which even now cover only 20 per cent of the rise in global crude rates since November last year. Refiners were allowed to raise prices of petrol and diesel on June 20, the first revision after November. The price of liquefied petroleum gas was last raised on June 15, 2004, while kerosene prices have not changed since April 2002.
The Telegraph - Calcutta
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Indian Oil has suffered its first-ever loss, its books scorched by the government’s policy of shielding consumers from the flare-up in global crude prices.
