Drop in global crude prices relieve oil cos

The drop in international oil prices has led to a marginal decline in the revenue loss suffered by state-run oil companies on fuel sales to Rs 350 crore (Rs 3.5 billion) per day.

Last month, Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum were losing Rs 390 crore (Rs 3.9 billion) per day on sale of petrol, diesel, kerosene and domestic LPG.

This month, losses have come down to Rs 352 crore (Rs 3.52 billion) per day, an industry official said.

Companies are still losing Rs 5.57 per litre on sales of petrol, Rs 12.95 on diesel, Rs 29.19 on kerosene and Rs 335.03 per LPG cylinder.

The official said the three companies together are projected to lose Rs 1,62,158 crore (Rs 1,621.58 billion) on fuel sales during the current fiscal.

Petroleum Minister Murli Deora on Tuesday ruled out