New Delhi, Apr 5: State-run oil retailers are likely to see revenue loss on fuel sales rise by 68% to a whopping Rs 130,000 crore during the current financial year as international crude oil prices continue over $100 a barrel mark.

"We had previously estimated the under realisation on sale of petrol, diesel, domestic LPG and kerosene at around Rs 1,10,000 crore for 2008-09. But with price of basket of crude oil India buys remaining in $95-100 a barrel range, the revenue loss would widen to Rs 130,000 crore," a top government official said.

Indian Oil, Bharat Petroleum and Hindustan Petroleum currently lose close to Rs 450 crore per day on fuel sales as government, mindful of spiralling inflation, has not allowed them to raise prices in line with international cost.

The three fuel retailers had together lost Rs 77,304.50 crore on fuel sale in 2007-08, he said.

For April-December 2007 period, the three companies lost Rs 47,619 crore. Of this, the government compensated Rs 20,333 crore by way of oil bonds while upstream companies like ONGC, OIL and GAIL chipped in Rs 15,873 crore. The remaining Rs 11,413 crore was borne by IOC, BPCL and HPCL.

For the last quarter January-March, Rs 29,685.5 crore revenue loss has been estimated, of which the government may issue bonds worth Rs 12,675.7 crore while ONGC, GAIL and OIL may chip in Rs 9,796.2 crore. This would leave a gap of Rs 7,213.6 crore for IOC, BPCL and HPCL.

The official said for the full year 2007-08, the net revenue loss of IOC, BPCL and HPCL was likely to be Rs 18,626.6 crore. As per the present policy, government gives bonds for 42.7% of the total under realisation on fuel sale and another 33% comes from ONGC, GAIL and OIL.

The official said IOC, BPCL and HPCL lose Rs 10.78 a litre on petrol, Rs 17.02 on diesel, Rs 316.06 per LPG cylinder and Rs 25.23 a litre on kerosene.

"Of the Rs 45.52 a litre price of petrol in Delhi, only Rs 22.02 per litre goes to oil companies and the rest is all duties. Similarly, taxes and duties make 32% of the diesel selling price of Rs 31.76 per litre," he said.

The Indian basket of crude oil has averaged $99.76 per barrel in March. It averaged $96.73 a barrel in 2007-08.