Indian Oil Corporation (IOC) chairman and ,managing director Sarthak Behuria today said that the company is losing Rs 320 cr per day on sales of petrol, diesel, LPG and kerosene at subsidised prices.The three oil marketing companies - IOC, HPCL and BPCL - are together losing around Rs 640 cr per day. The IOC chairman also said that the company would spend Rs 7,500 cr in refinery and pipeline projects in 2008-09.Admitting there was a liquidity crisis which is affecting the company's working capital he said that in the short term project funding would not be affected. In 2007-08 the company's gross refinery margins are expected to be around $9.5 to $10 per barrel. He also said that the company's borrowings as of March 31, 2008 have risen to Rs 34,000 cr.
