IOC declares annual results for financial year 2010-11

The country's top refiner and oil marketing firm, the Indian Oil Corporation (IOC) declared its annual financial results for financial year 2010-11 in New Delhi on Monday. Later interacting with the mediapersons, IOC Chairman R S Butola said the company is facing an under recovery of about Rs. 4 .58 per litre of petrol. Further he noted that the company is planning to borrow about 50 to 60 billion rupees every month if they did not get any compensation from the government on subsidised fuel sales.