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Journalism of Courage
State-owned oil firms will lose a whopping over Rs 177,500 crore on selling fuel at government-controlled rates this fiscal,68 per cent more than what they lost when crude oil touched an all-time high in 2008-09.
Indian Oil,Bharat Petroleum and Hindustan Petroleum will “at current international crude oil prices lose Rs 177,562 crore in revenues on selling diesel,domestic LPG and kerosene below their imported cost in 2011-12 fiscal,” an industry official said here.
The revenue loss,termed as under-recovery by oil firms,will be the highest-ever,even more than what they lost in 2008-09 when crude oil touched an all-time high of USD 147 per barrel.
The three oil firms currently lose a record Rs 18.11 per litre on diesel,Rs 28.33 a litre on kerosene and Rs 315.86 per 14.2-kg domestic LPG cylinder.
