IOC losing 4.58 rupees per day on petrol:R S Butola

Indian Oil Corp (IOC) the prestigious Navratna PSU has achieved the 3 lakh crore rupees viz 328,744 crore rupees turnover in 2010-11 financial year. IOC Chairman R S Butola said the company posted 29.7 per cent drop in net profit for the fourth quarter ended March 31st. He said net profit in the January-March quarter stood at 3,905.16 crore rupees from 5,556.77 crore rupees a year ago.

Mr Butola informed IOC had to absorb 4,845 crore rupees of loss on fuel sales during 2010-11 fiscal after accounting for cash subsidy from the government and assistance from upstream firms .He said the company is still losing 4.58 rupees per day on petrol even after the steep 5 rupees a litre hike from 15th of this month.

Another rise in Petrol price is on the cards:Deloitte ,said Spiraling oil prices and higher inflation could hurt growth of the Indian economy, which is expected to expand nine per cent in the next fiscal, global consultancy Deloitte further adds,Noting that the country could "well experience the effects of an oil-price shock," Deloitte said that political instability in the Middle East and a payment crisis with Iran are causes for concern, rising crude prices and a more generalised inflation threaten to derail the government's plan of achieving about 9 per cent growth in the next fiscal," it said in a report released today.PTI
Media reports, IOC now has a refining capacity of 65.7 million tons, higher than 62 million tons of Reliance Industries.