New Delhi :  Indian Oil Corp, the nation’s largest oil firm, reported a net loss of Rs 961.45 crore in the December quarter after the government paid less than half of the due oil subsidy, negating gains made from foreign exchange.

IOC had posted a net profit of Rs 3,331.96 crore in the same period a year ago. The company posted losses “mainly on account of higher absorption of under recoveries on sale of sensitive petroleum products,” IOC Chairman R S Butola told reporters here.      IOC absorbed Rs 7,192 crore after the government did not pay full subsidy for selling diesel, cooking gas (LPG) and kerosene at rates lower than cost.

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