"International oil prices are increasing everyday. Last month we had projected a revenue loss of Rs 225,040 crore in 2008-09 on sale of petrol, diesel, domestic LPG and kerosene. After accounting for increased prices, this has now widened to Rs 246,000 crore," an IOC official said.
IOC, the firm that controls roughly half of the fuel market in the country, alone stands to lose Rs 133,000 crore.
"We are losing Rs 392 crore per day on fuel sales," he said adding the daily loss for the three firms together would be over Rs 725 crore.
The three firms were last month losing Rs 580 crore day.
Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi have met at least four times in the last week to discuss ways to tackle rising oil prices but a consensus has eluded till now. The Cabinet Committee on Political Affairs (CCPA) is likely to decide on the issue tomorrow.
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The official said the three firms, who till last week were losing Rs 16.34 a litre on petrol, are incurring a loss of Rs 21.43 on sale of every litre since June 1. Similarly, the losses on diesel have widened to Rs 31.58 per litre from Rs 23.49 while on kerosene they have jumped to Rs 35.98 from Rs 28.72 per litre.
Losses on LPG have swelled to Rs 352.99 per 14.2-kg cylinder from Rs 305.90.
"IOC makes a daily loss of Rs 35 crore on sale of petrol and Rs 251 crore on diesel. The daily loss on kerosene is Rs 71 crore and that on LPG is Rs 35 crore," he said.