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INDIAN OIL COMPANIES TO RETURN TO PROFIT ON PETROL SALES.
NEW DELHI, Nov 3 Asia Pulse - For the first time in more than a year, oil companies will make profit on sales of petrol but a price cut does not appear to be on the horizon yet as they continue to lose over Rs 1.55 billion (US$31.6 million) per day on sale of diesel, domestic LPG and kerosene.
"Margins on gasoline (petrol) will turn positive tomorrow. Based on the average oil price of second fortnight of October, we expect to make Rs 4.12 a litre (margin), IOC Chairman Sarthak Behuria told reporters here Friday.
But IOC (BSE:530965), Bharat Petroleum (BSE:500547) and Hindustan Petroleum (BSE:500104) will continue to make losses on diesel, domestic LPG and kerosene.
"Losses on diesel will come down to Rs 0.96 per litre. On kerosene we continue to lose Rs 22.40 per litre and on LPG the losses stand at Rs 343.49 per cylinder," he said.
The margins till today were based on the average oil price of first fortnight of October and those ...
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