Losses to double for state run oil firms

State-run oil firms are likely to see revenue loss on fuel sales to more than double to Rs 1,80,000 crore during the current fiscal after surge in international crude oil prices and weakening rupee made imports costlier.

India imports 73 % of its crude oil import needs and the cost of imports would spiral after crude inched closer to a record 125 dollars per barrel, while rupee touched its 13-month low, an Indian Oil Corp official said here.

"We had previously anticipated the under-realisation on sale of petrol, diesel, domestic LPG and kerosene in 2008-09 at Rs 1,50,000 crore. But with rising crude and weakening rupee, the losses may now total Rs 1,80,000 crore," he said.

Indian oil, Bharat Petroleum and Hindustan Petroleum had in 2007-08 lost Rs 77,304.50 crore on fuel sales.

The Indian basket of crude oil was at an all-time high of 117.8 dollars per barrel yesterday, a 87 percent jump over the last fiscal's lowest price of 62.91 dollars recorded on May 9, 2007.

The three retailers are losing Rs 450 crore a day on sale of petrol, diesel, domestic LPG and kerosene. They were losing about Rs 425 crore daily during the last month.

The official said oil companies were at present losing Rs 13.97 a litre on petrol, Rs 20.97 per litre on diesel, Rs 305.72 per LPG cylinder and Rs 28.72 a litre on kerosene.