State-owned Indian Oil Corporation (IOC) may see revenue loss on fuel sales jump 63 per cent to over Rs 42,540 crore in the current financial year.
"The industry will have an underrecovery (revenue loss) of over Rs 79,000 crore," IOC Director (Finance) S V Narasimhan told reporters here.
IOC lost about Rs 26,000 crore in revenue on selling petrol, diesel, domestic LPG and kerosene below cost in 2009-10. In the current year, its revenue loss is estimated at Rs 42,540 crore.
IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), at current oil prices, stand to collectively lose Rs 79,670 crore in revenue this year.
