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| BPCL posts 94% decline in losses |
| BS REPORTER / Mumbai Oct 30, 2009, 00:31 IST |
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Riding on lower under-recoveries, state-run Bharat Petroleum Corporation (BPCL) reported a loss of Rs 159 crore for the second quarter of the current financial year — 94 per cent lower than the Rs 2,625-crore loss in the same period last year.
The company, which owns around a quarter of the market share in retailing, said under-recoveries for the quarter stood at Rs 2,236 crore.
During the quarter, total income decreased to Rs 27,513 crore against Rs 38,149 crore for the corresponding previous quarter.
The state-run refiner said each day it is losing Rs 3.60 a litre on sale of petrol, Rs 3.10 a litre on sale of diesel, Rs 17.40 a litre on sale of kerosene and Rs 195 on each cylinder of liquified petroleum gas sold.
BPCL said it is to receive Rs 2,206 crore in oil bonds from the Ministry of Petroleum and Natural gas to make up for the losses incurred on selling domestic cooking gas and kerosene below the cost.
The company said it earned $2.8 on processing every barrel of crude at its Mumbai refinery during the quarter, against $5.3 per barrel gross refining margin last year and $5.25 per barrel at the Kochi unit against $11.77 per barrel refining margin a year ago.
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