Announcement

Wednesday, February 2, 2011

IOC losing INR 189 crore per day due to under recoveries

State owned Indian Oil Corp said that it is losing INR 189 crore per day on selling auto and cooking fuel below cost as global crude oil prices shot up to USD 102 per barrel.

An IOC official said that "The spike in global prices has widened the gap between the retail selling price and

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