Date:02/03/2006 URL: http://www.thehindubusinessline.com/2006/03/02/stories/2006030203510200.htm

Back IOC's revenue loss on LPG sales to come down

Our Bureau

New Delhi , March 1

Indian Oil Corporation Ltd on Wednesday said that its revenue loss on sale of cooking gas (LPG) would come down by Rs 600-650 crore a year because of certain Budget proposals announced by the Finance Minister, Mr P. Chidambaram, on Tuesday.

Speaking to newspersons at the sidelines of a function here, Mr S.V. Narsimhan, Director (Finance), IOC, said, "The company is currently losing Rs 223 per cylinder on the sale of liquefied petroleum gas."

"By bringing in LPG in the category of declared goods, it is a great relief for us. A positive step that shows something will happen for downstream companies in the future as well," he added.

Indian Oil was currently suffering a revenue loss of Rs 1,600 crore a month on retail sales of petrol, diesel, cooking gas, and kerosene.