Re 1 a litre cut in petrol price likely soon
Press Trust of India: New Delhi, Nov 10 2012, 02:02 IST
And since the product is deregulated, there will be no subsidy support from the budget to cover these losses.
Hindustan Petroleum Corp Director (Finance) B Mukherjee said, "We are making profit on petrol like any other free product."
Refusing to divulge the margin on petrol, Mukherjee said in April-September the company had lost Rs 678 crore on selling petrol below its cost.
Oil companies have abandoned the practice of revising petrol rates on 1st and 16th of every month by taking the fortnightly average of benchmark gasoline and rupee-USD rate.
"We have updated our system to practically do a daily change in prices but as you know there is lot of volatility in international oil prices as well as rupee-USD forex rates," Butola said.
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