Indian Oil Corporation sought an increase in prices of petrol, diesel, domestic LPG and PDS kerosene on Tuesday as spiralling global oil prices had put "enormous" burden and may result in a revenue loss of over Rs 8,500 crore (Rs 85 billion) this fiscal.
"The government had taken a decision of sharing the burden of rising international oil prices equally between the oil companies, government and the consumers. I want the burden sharing mechanism to be implemented... let the consumers pay," IOC chairman Sarthak Behuria told a news conference in New Delhi.
While the government and oil companies were bearing their share of the burden, the consumers have so far been spared from any hike in fuel prices despite crude oil touching a historic high of $93 per barrel.
"The Indian basket of crude oil is at an all time high of $85.87 per barrel. It is a matter of grave concern to us. Of greater concern is the rising prices of products like kerosene which has crossed 100 dollars a barrel and diesel that is at $98.6 per barrel, as this is the price we have to pay refineries but are unable to pass on the same to consumers," he said.
IOC, he said, was currently losing Rs 96 crore (Rs 960 million) on petrol, diesel, domestic LPG and PDS kerosene sale. "This will rise to Rs 121 crore (Rs 1.21 billion) from November 1 (when prices would be calculated on the basis of average of second fortnight of October)."
Public sector oil firms are currently losing Rs 3.90 per litre on petrol, Rs 6.22 a litre on diesel, Rs 15.99 per litre on kerosene and Rs 174.17 on every 14.2-kg LPG cylinder. These losses would widen to Rs 4.94 a litre on petrol, Rs 6.50 per lite on diesel, Rs 16.42 a litre on kerosene and Rs 207 per cylinder on LPG from November 1.
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