Selling diesel at Rs 20-25/ltr loss, petrol at Rs 14-18/ltr loss: Retailers
Selling diesel at Rs 20-25 a litre below cost and petrol at Rs 14-18 per litre below cost, as a result of a price freeze despite soaring crude rates is unsustainable, an industry body representing private fuel retailers like Jio-bp and Nayara Energy has told the Oil Ministry and has sought its intervention to create a viable investment environment.
On June 10, the Federation of Indian Petroleum Industry (FIPI), which besides private fuel retailers also counts state-owned firms such as IOC, BPCL and HPCL as its members, wrote to the Petroleum Ministry saying losses on petrol and diesel will limit further investments in retailing business.
