New Delhi: State-owned Indian Oil Corp's (IOC) on Tuesday said its borrowings have risen to over Rs 79,000 crore, as it lost a record Rs 227 crore per day on selling diesel, domestic LPG and kerosene at controlled rates.
   
"It (borrowings) is more than Rs 79,000 crore at present," IOC Chairman R S Butola told reporters here.    

The company is hoping to get about Rs 16,000 crore in compensation from the government by early next month to make up for part of the losses it incurred on selling the three fuel in the first half of current fiscal.
    
Parliament on Tuesday approved additional spending by the government, including payment of Rs 30,000 crore to state fuel retailers as subsidy. IOC, the market leader, would get about Rs 16,000 crore out of that.
   
Cash subsidy from the government "will give us some respite for next couple of months", he said.
   
While crude oil ruling at over USD 100 per barrel and rupee depreciating to its all time low of Rs 53.29 to a US dollar has made oil imports costlier, the government has not allowed oil firms to adjust retail fuel prices in line with the cost.
   
Butola said IOC is estimated to lose Rs 73,605 crore in fully 2011-12 fiscal.
    
"This should be seen in comparison to the under-recovery (revenue loss) of 2010-11. Last year, the industry (IOC and Bharat Petroleum and Hindustan Petroleum) together had an under-recovery of Rs 78,190 crore while this year IOC alone has an under-recovery of over Rs 73,000 crore," he said.
    
Fuel retailers currently sell diesel at a loss of Rs 13.53 per litre, kerosene at Rs 29.99 per litre and domestic LPG at a discount of Rs 287 per 14.2-kg cylinder.
    
The three firms together are projected to lose Rs 137,605 crore in 2011-12 fiscal.
    
IOC alone is losing Rs 227 crore per day on sale of diesel, domestic LPG and kerosene and had to borrow heavily to meet working capital requirement.

Agencies