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Friday, Dec 06, 2019

IOC losing Rs 320 cr per day on fuel sales

IOC chairman says it is losing Rs 320 crore per day on fuel sale and if the situation continues it may impact the company's projects.

business Updated: Apr 14, 2008 11:01 IST

PTI
Hindustantimes
         

Indian Oil Corporation (IOC) on Monday said it is losing Rs 320 crore per day on fuel sales and if the situation continues for more than a year, its project may get impacted.

"Right now we are able to manage, but if this continues for one more year, we will see investment in our project getting impacted," IOC Chairman S Behuria told reporters in the Capital.

The company, he said, is losing Rs 320 crore per day on sale of petrol, diesel, LPG and kerosene.

"Our borrowings as of March 31, 2008 have risen to Rs 34,000 crore," he said.

IOC plans to invest Rs 7,500 crore in refinery and pipeline projects in 2008-09.Indian Oil Corporation (IOC) on Monday said it is losing Rs 320 crore per day on fuel sales and if the situation continues for more than a year, its project may get impacted.

"Right now we are able to manage, but if this continues for one more year, we will see investment in our project getting impacted," IOC Chairman S Behuria told reporters in the Capital.

The company, he said, is losing Rs 320 crore per day on sale of petrol, diesel, LPG and kerosene.

"Our borrowings as of March 31, 2008 have risen to Rs 34,000 crore," he said.

IOC plans to invest Rs 7,500 crore in refinery and pipeline projects in 2008-09.