Indian crude basket touches high of $75.30 a barrel

Indian crude basket touches high of $75.30 a barrel


New Delhi: The Indian basket of crude oil has touched an all-time high of $75.30 a barrel, raising the losses public sector oil firms make on fuel sales.

Indian crude basket was trading at $75.30 a barrel on 13 September, beating the previous high of $75.20 recorded on 8 August 2006, official sources said.

The Indian basket averaged $73.12 a barrel this month as against $69 in August.

Currently, petrol is being sold at a loss of Rs2.79 per litre while diesel is priced Rs4.65 a litre below the cost. Oil companies suffer a loss of Rs15.50 on sale of every litre of kerosene and Rs178.15 on sale of every LPG cylinder.

Last fiscal, the government issued oil bonds worth Rs24,121 crore to IOC, BPCL and HPCL to cover for almost half of the net under-realisation on sale of petrol, diesel, LPG and kerosene.

The gross revenue under-realisation in 2006-07 was projected at Rs56,506 crore, which got reduced to Rs49,387 crore after a Rs4 a litre hike in petrol and Rs2 per litre increase in diesel prices. Of the net under-realisation, upstream companies like ONGC gave Rs20,507 crore.