OMCs incur Rs 218-cr revenue loss daily
New Delhi   07-Sep-2011

Government-controlled oil marketing companies are incurring a daily loss of Rs 218 crore on selling fuel at controlled rates. Of this, the country’s biggest fuel retailer, IndianOil, is bearing a loss of Rs 122 crore, its chairman and managing director R S Butola said. Making a case for restructuring the subsidy on fuels, Butola said that about 10 per cent of the country’s annual budget was going into oil subsidy.