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Pvt refiners made Rs 10k cr on flawed pricing: CAG
August 5, 2013August 5, 2013by In Oil & Gas

Pvt refiners made Rs 10k cr on flawed pricing: CAG

Comptroller & Auditor General (CAG) has criticised the State-run oil companies for using a pricing system that helped private refiners gain Rs 10,196 crore in five years. The report has also censured the Union Oil Ministry for causing a revenue loss of over Rs 1,56,000 crore over the same period. The controversial formula, which also applies to retail buyers at petrol pumps, makes diesel about Rs 2 per litre costlier because buyers are forced to pay additional costs that companies do not incur,