Indian Oil Corporation (IOC), on Tuesday, said it will suffer a net loss of Rs 8,570 crore during the current fiscal if the global crude oil prices continues to surge ahead.

Reeling under heavy losses amounting to Rs 3,500 crore in April-September period, IOC Chairman Sarthak Behuria said the current underrecoveries per day on the sale of fuels is Rs 96 crore. ‘’If the government does not revise the retail selling prices of fuel in line with international prices, our underrecoveries will touch Rs 121 crore per day from November this year,’’ Mr Behuria said reporters here on Tuesday.

The company is currently losing Rs 3.90 per litre on petrol, Rs 6.22 per litre on diesel, on Kerosone Rs 15.99 and Rs 174.17 on per cylinder of LPG (Liquified Petroleum Gas).