Petroleum cos losing Rs 450 crore a day

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India's import cost of crude oil has touched an all time high of 112 dollars a barrel, widening the losses incurred by state-run petroleum marketing firms to Rs 450 crore a day.

The Indian basket of crude oil was at 112.56 dollars per barrel yesterday, a 75 per cent jump over the last fiscal's lowest price of 62.91 dollars recorded on May 9, 2007.

A Petroleum Ministry official said the Indian basket of crude oil has averaged 110.17 dollars per barrel this month, up from 105.77 dollars of April. In 2007-08, it had averaged 79.25 dollars per barrel.

Indian Oil, Bharat Petroleum and Hindustan Petroleum are losing Rs 450 crore everyday on sale of petrol, diesel, domestic LPG and kerosene. They were losing about Rs 425 crore daily in the last fiscal.

The official said oil firms are currently losing revenue of Rs 13.97, 20.97 and 28.72 per litre on petrol, diesel and kerosene as government has caped fuel prices to keep inflation under check. Loss on LPG stands at Rs 305.72 per cylinder.

"These losses are based on the average international fuel prices during second fortnight of April," he said. Based on the average of first fortnight of April, the oil firms were losing Rs 11.80 a litre on petrol, Rs 17.51 on diesel, Rs 316.06 per LPG cylinder and Rs 25.23 a litre on kerosene.