Indian Oil Corp (IOC), Hindustan Petroleum and Bharat Petroleum have seen their revenue loss on fuel sale widening to Rs 57,000 crore this fiscal, up from Rs 53,000 crore estimated at the time of June price hike.
"The three retailers are losing Rs 131 crore per day on sale of diesel, domestic LPG and kerosene," an official said.
IOC, HPCL and BPCL were projected to lose Rs 53,000 crore after decontrol of petrol price that resulted in a Rs 3.50 per litre increase in retail prices coupled with a Rs 2 per litre hike in diesel rates, Rs 35 per cylinder increase in LPG price and Rs 3 per litre raise in kerosene rates from June 26.
"International oil rates have firmed up since then and the revenue loss is now estimated at Rs 57,000 crore in 2010-11 fiscal," he said. Of this, about Rs 20,275 crore is for selling fuel below cost in the first quarter of this fiscal.
The first quarter revenue loss was reduced by one-third after upstream firms ONGC, GAIL and IOC contributed Rs 6,690.68 crore.
IOC, BPCL and HPCL currently sell diesel at a loss of Rs 2.76 a litre, kerosene at a discount of Rs 15.41 and LPG at a loss of Rs 170.57 per cylinder, the official said.
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ONGC, state gas utility GAIL and OIL give discounts to the three retailers on the crude oil and LPG they buy to partly make up for the losses.
The government freed petrol prices last month on June 25 and there will be no under-recovery on this motor fuel in the remaining part of the year.