Mumbai: Public sector oil marketing firms Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) together have lost around Rs92,853 crore on fuel sales in April-September and are projected to lose Rs1,47,486 crore in the full fiscal.
BPCL, today, reported a net loss of Rs2,625.27 crore for the second quarter ended 30 September, as against a net profit of Rs1,038.16 crore during the same quarter in the previous year.
Total income for the quarter has increased to Rs38,148.73 crore from Rs25,548.14 crore in the year-ago period.
The government is likely to compensate for half of the projected revenue loss through oil bonds.
The three are likely to get oil bonds worth Rs65,942 crore this week to make up for half of their revenue loss on fuel sale during the first nine months of calender year 2008.
''Parliament has already approved (issue of oil bonds). We expect the finance ministry to intimate of the bonds anytime now,'' petroleum ministry additional secretary S Sundareshan said, adding, ''Even with oil bonds, things are not going to be any better.''
The three firms would get Rs14,956.17 crore worth of oil bonds for selling petrol, diesel, domestic LPG and kerosene below cost in January-March quarter. They will get an additional Rs24,408 crore compensation for April-June quarter and the remaining will be for July-September quarter.
For 2007-08, the oil companies reported a total revenue loss of Rs70,579 crore of which Rs35,289.50 crore is to be compensated through oil bonds. The government has already issued, oil bonds worth Rs20,333.33 crore for April-December 2007 period.
Even after the issue of oil bonds, roughly, 17 per cent of the revenue losses on fuel sales remain uncovered.