As the Empowered Council of Ministers meets today to discuss about the price hike of petrol and diesel, in midst of rising hue and cry about it, another stark reality thrives.

Latest information shows that Indian Oil Corporation (IoC) is bleeding profusely. In terms of money, the oil retailer is losing close to $1 billion everyday. This is in terms of revenue loss which the company faces because of the difference in getting the oil and then selling it to the retail customer.

The information about the loss was given by the Chairman of the company BM Bansal, on Monday, while talking to the media.

Bansal also said that the panel of ministers which is going to take a final decision of whether to increase the price of petrol or not, is also going to consider the recommendations made by a government committee that supports de-regulation.

As of now, in India, the price of petrol and other fuels like diesel, kerosene are regulated by the government. This is done with the aim of protecting the Indian consumer from the fluctuation oil price market of the world.