Profit

Oil cos' subsidy burden rises steeply

PUBLISHED ON: January 4, 2008 | Duration: 3 min, 18 sec

  
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The headquarters of Indian Oil Corporation Limited (IOC) all dressed up to welcome in the New Year but 2008 did not quite start on such a good note for India's largest fuel retailer. The crude oil price has crossed the historical $100 dollar a barrel mark that means IOC will now see more red on its books for selling fuel products at prices capped by the government.
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