IOC losing Rs 115 cr a day on fuel sales
New Delhi   24-Jun-2010

State-run IndianOil, the country's biggest oil retailer, is incurring a daily revenue loss of Rs 115 crore on fuel sales in the domestic market, its chairman told reporters on Wednesday.

B.M. Bansal said petrol prices are currently Rs 3.2 per litre below the desired market prices, while diesel prices need to be raised by Rs 3.4 a litre.

He said a panel of ministers, which will meet on Friday, is expected to take a decision on the recommendations of a government committee that favoured deregulation of petrol and diesel prices.