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OMCs Losing 20 Crore An Hour

  • The under recoveries of the state-owned oil marketing companies (OMCs) for selling petroleum products below cost prices have widened to Rs 470 crore a day, or Rs 20 an hour, with effect from Wednesday, according to the latest government data. The OMCs lost Rs 427 each day in January.
  • Indian Oil Corporation ( IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) are losing Rs 11.35 per litre on sale of diesel, Rs 28.77 per litre on sale of kerosene and Rs 378 per cylinder on LPG, according to the Petroleum Planning and Analysis Cell of the petroleum ministry.So far, the OMCs have already lost Rs 97,313 crore during first nine months of the current fiscal against under recoveries of Rs 64,900 crore in the year ago period.

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