IOC losing Rs.118-cr revenue daily
New Delhi   22-Dec-2010

State-owned IndianOil (IOC) is losing Rs. 118 crore a day in revenue on selling diesel, domestic LPG and kerosene below their imported cost, a company official said on Tuesday. "We are losing very heavily on diesel after international oil prices firmed up to $90 a barrel," he said. Oil prices have risen as freezing weather in the northern hemisphere has increased energy demand for heating.