(ET)
The oil ministry will seek compensation from the finance ministry for the losses state-owned fuel retailers incurred on holding petrol and diesel prices in the last eight months despite a spike in cost of raw material, a top official said on Friday. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) posted a combined net loss of Rs 21,201.18 crore in April-September.
This loss would have been higher but for them accounting for Rs 22,000 crore yet-to-received LPG subsidy for past years. “The first half losses are publicly available. Add to that the LPG subsidy and you would arrive at approximate loss they have incurred,” the official said.
