IOC losing $15 m per day on fuel

Indian Oil Corp on Wednesday said it was losing nearly $15 million every day by selling transport and cooking fuels below cost. “At the current global prices, Indian Oil is suffering a daily loss of Rs 74 crore ($15 million),” IOC Chairman Sarthak Behura told reporters here on the margins of a global hydrogen technologies convention. He said the losses on account of under-recoveries — or the difference between the cost and sale price of petroleum fuels — will amount to Rs 2,300 crore by the end of this fiscal.