Indian Oil quarterly loss widens to Rs225b

The government-run oil marketing firm Indian Oil Corporation Thursday announced Rs22,450.95 crore (Rs 225 billion) loss for the quarter ended June 30, 2012. The company’s loss has widened sharply due to huge under-recoveries on sale of diesel, kerosene and cooking gas. IOC had posted a net loss of Rs3,718.7 crore during the corresponding quarter of previous year. The country’s largest oil marketing firm said its total income rose to Rs97,514.44 crore in April-June 2012 period as compared to Rs92,644.59 crore recorded in the corresponding period of last year. From:Gulftoday