State-run oil firms are likely to see revenue loss on fuel sales to more than double to Rs 1,80,000 crore (Rs 1,800 billion) during the current fiscal after surge in international crude oil prices and weakening rupee made imports costlier.
India imports 73 per cent of its crude oil import needs and the cost of imports would spiral after crude inched closer to a record 125 dollars per barrel, while rupee touched its 13-month low, an Indian Oil Corp official said in New Delhi.
"We had previously anticipated the under-realisation on sale of petrol, diesel, domestic LPG and kerosene in 2008-09 at Rs 1,50,000 crore (Rs 1,500 billion). But with rising crude and weakning rupee, the losses may now total Rs 1,80,000 crore," he said.
Indian Oil, Bharat Petroleum and Hindustan Petroleum had in 2007-08 lost Rs 77,304.50 crore (Rs 773.04 billion) on fuel sales.
The Indian basket of crude oil was at an all-time high of $117.8 per barrel on Thursday, a 87 per cent jump over the last fiscal's lowest price of $62.91 recorded on May 9, 2007.
The three retailers are losing Rs 450 crore (RS 4.5 billion) a day on sale of petrol, diesel, domestic LPG and kerosene. They were losing about Rs 425 crore (RS 4.25 billion) daily during the last month.
The official said oil companies were at present losing Rs 13.97 a litre on petrol, Rs 20.97 per litre on diesel, Rs 305.72 per LPG cylinder and Rs 28.72 a litre on kerosene.
© 2026