IOC suffers loss of $386.36M in March

IOC suffers loss of $386.36M in March

By agencies   |   Monday, 27 March 2006, 08:00 Hrs
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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.”

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