Indian Oil Corporation may sell oil bonds of up to Rs 2,000 crore (Rs 20 billion) next month to partially make up for the loss it is incurring in selling fuel below the cost of production.
The company has sold around Rs 4,000 crore (Rs 40 billion) worth of bonds since April and might sell another Rs 1,500 crore (Rs 15 billion) to 2,000 crore (Rs 20 billion) worth of bonds next month, IOC Director Finance S V Narsimham told reporters.
The company is losing about Rs 80 crore (Rs 800 million) a day on sale of petrol, diesel, kerosene and cooking gas as the government has not allowed oil marketing companies to raise prices in line with the increase in international
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