OilMin for urgent action to help oil PSUs

New Delhi : A day after Oil Minister S Jaipal Reddy raised the issue of deteriorating financial health of oil PSUs with Finance Minister Pranab Mukherjee, his ministry today sent a detailed note to the Cabinet Secretariat seeking urgent action.

The Oil Ministry in the note pointed that Indian Oil, Bharat Petroleum and Hindustan Petroleum together will lose about Rs 1,30,000 crore in revenue this fiscal on selling diesel, domestic LPG and kerosene at government controlled rates.

The three firms are virtually living on borrowed money as they had to raise funds to meet even working capital requirement in the absence of fuel selling price not meeting even operating expenses.