India Oil Reports Loss While Goverment Discuss Price Increase
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Friday, 30 May 2008 |
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India Oil Corp posted its first quarterly loss in more than two years
as government subsidies failed to offset losses from selling
fuels below cost. At the same time, the Indian Cabinet has been
discussing a price increase and a decision is expected within days.
The loss in the three months ended March 31 was $97 million compared
with a us$376m profit a year earlier, state-run Indian Oil said
in a statement
to the Bombay Stock Exchange. Revenue rose 33 percent to
us$16.8bn (717.9 billion rupees).
India's government caps fuel prices to control inflation and
in February allowed state-run refiners, including Indian Oil, to
increase gasoline and diesel prices for the first time in 20
months. Crude oil in New York gained 95 percent in a year and
reached a record $135.09 on May 22.
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