IndianOil's under-recovery on retail fuel sale is likely to be Rs 67 billion in Jul-Sep, chairman Mr. B M Bansal said on Friday. State-owned oil marketing companies often incur losses on selling diesel, kerosene and domestic cooking gas below cost as government caps prices to check inflation. Government partly compensates the companies for the losses by giving them cash assistance and asks state-owned oil explorers to give them discounts on purchase of crude oil. IndianOil is currently losing Rs 75 crore daily on sale of the three fuels, Bansal said. Recently, government freed petrol from its control and allowed state-owned oil marketing companies to set prices as per market conditions. Bansal said the three state-owned oil marketers--IndianOil, Hindustan Petroleum Corp and Bharat Petroleum Corp--will together report Jul-Sep under-recovery of Rs 119 billion.