The Indian Oil Corporation on Wednesday said it is restricting petrol and diesel sales to what is domestically available, as it has no money to import fuel.
IOC chairman Sarthak Behuria said the company is losing Rs 300 crore (Rs 3 billion) per day on sale of petrol, diesel, LPG and kerosene and would run out of cash to even import crude oil by September-end if fuel prices are not raised or duties cut.
He said IOC was willing to meet a demand growth of 12-15 per cent against actual rise of 22 per cent.
Crude oil price is ruling over $130 a barrel in the international market and the company is losing Rs 16.34 per litre on sale of petrol, Rs 23.49 on diesel, Rs 28.72 on kerosene, Rs 305.9 on LPG (cooking gas).