IOC suffers loss of $386.36M in March

By agencies   |   Monday, 27 March 2006, 08:00 Hrs
Printer Print Email Email
NEW DELHI: Indian Oil Corporation Ltd (IndianOil) has said that the company has suffered a revenue loss of $386.36 million on sale of four petroleum products — petrol, diesel, cooking gas (LPG) and kerosene - in March alone, as the domestic fuel prices have not been changed in tune with the global prices.

Talking to media persons at the sidelines of the Oil and Gas Conference organized by The Energy and Resources Institute, S V Narasimhan, Director-Finance, IndianOil, said, “Our revenue loss on oil products sale is the highest in March.”

For the full year, IndianOil’s gross under-realization was pegged at approximately $5227.27 million. IndianOil's cross borrowings have risen from about $3636.36 million on March 2005 to $5681.81 million by the end of this financial year.

Commenting on the Panipat refinery, Narasimhan said the full capacity of the refinery would increase to 12 million tones per year after the completion of its expansion in July.

He said, “From May, some of the units will be commissioned and by July, the full expanded capacity of 12 million tones will be operational.”

Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..