dipping rupee and surging oil rates.
IOC said the deteriorating exchange rate had led to losses on diesel widening to Rs 14.50 per litre from Rs 12.12 in the second half of August. The oil firms are also losing Rs 36.83 per litre on kerosene and Rs 470.50 per cylinder on LPG.
The rupee ended at 63.48 against the dollar today, compared with a close of 65.70 on August 30 and 61.43 on August 14.
"Should the recent trend of stabilisation and appreciation of rupee-USD exchange rate continue and international petrol prices also not move adversely, the beneficial effect of the same will be passed on to the consumers in the next fortnight," it said.
Diesel currently costs Rs 51.97 a litre in Delhi and LPG Rs 410.50 a cylinder in the capital.
At current rates, IOC expects to end the fiscal with a revenue loss of about Rs 82,000 crore on selling diesel, LPG and kerosene. The industry (IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL)) estimates a total revenue loss of Rs 156,000 crore.
"The movement of prices in the international oil market and Indian rupee to US dollar exchange rate are continuously under watch and developing trends reflected in future price changes," the statement added.