Click to play videoNew Delhi: Indian Oil Corporation is facing heavy losses these days and therefore, they have decided to temporarily stop giving new domestic connections.
Our correspondent spoke to Sarthak Behuria IOC Chairman and Managing Director. He said that the company took these steps to cut down losses.
“It was just three months ago when crude oil prices went up to $140 and when we close the book of accounts for seven and eight and when we look at eight and nine I would say it looks like a horrendous kind of scenario three months ago. It was decided that we need to restrict our overall render recoveries, to an extent we can restrict and put a halt to some of the non-planned capital expenditures programme temporarily which included buying new cars and new LPG cylinders,” Behuria said.
CNN-IBN: With two lakh waiting list, how long will these people have to wait? When can you start the supply?
“This is almost a three months waiting list. Today we have a customer list of I would say about 90 to 95 million. So, a list of two lakh people for 95 million customers, I don’t think is too much. We had in fact a waiting list of a crore or 1.5 crore in 3-5 yrs. LPG, what is worrying us is not the recovery per cylinder but the huge price difference. We have problem with diversion, moving it in autos, commercials, people having multiple connections and not willing to surrender them. So, these are some of the issues we have to do network purifications,” the Chairman replied.
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