UDUMALPET: Indian Oil Corporation Chairman Sarthak Behuria on Tuesday said oil marketing companies in the country were incurring losses and hoped for an early solution from the Centre on petroleum pricing.
Mr. Behuria said: “There is no doubt that oil marketing companies are losing. We are losing Rs. 85-Rs. 90 crore a day and we have represented to the Centre on the pricing.”
Listing out the Government’s help last year in offsetting the losses, he pointed out that the industry was facing some good combinations, including strengthening of rupee and good margins by refineries and bad combinations and was expecting the Centre’s help as in the previous year.
Last year the Government came forward to share the losses by allowing excise duty relief and issuance of bonds.
“We hope the same principle will have to be followed this year also,” he added.
He said that diesel, petrol and bitumen demand was increasing than in the previous year.
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