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Country’s biggest state-run fuel retailer Indian Oil Corporation (IOC) pointed that petrol rate might be augmented from April 1.
At present, Indian Oil Corporation sheds Rs 6.43 for every litre of petrol, barring local taxes, sold at fuel stations.
Company’s chairman RS Butola stated that the oil marketing firms have informed oil bureau that under-recoveries are too high and firms have no resilience to soak up any losses.
Butola stated, “We have requested government to compensate fully the under-recoveries (on diesel, cooking gas and kerosene) and also the losses on petrol.”
“If we are not given that, then we will have to seriously consider passing on the burden to customers,” Butola added.
Administration during June 2010 exempted petrol.
But, oil marketing firms have not raise the cost of the auto fuel since December 6, 2010 even after international rates have gone up.
As per oil ministry functionaries, administration is not capable of convincing its supporter Trinamool Congress head Mamata Banerjee for an augmentation in petrol rate.
Administration regularizes other petroleum items including diesel, LPG and kerosene oil.
A senior oil ministry representative said that. EGoM decides any change in the price of regulated petroleum products.
Oil minister S Jaipal Reddy said, “Oil companies have no doubt suggested some measures. But, petroleum ministry does not have independence (to decide petroleum product prices). I will take up the issue at eGoM at appropriate time.”
Butola stated that under-recovery on selling petrol during January-March 2012 would be over Rs 750 crore and it will be over Rs 1,300 crore for the whole industry.
“We have requested the government that we should be provided 100 per cent compensation for losses on petrol,” he added.
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