Oil retailers rework losses

Soaring crude oil prices have sent the alarm bells ringing once again. A month and a half after the government worked out an extensive bailout package for oil retailers, they are now reworking their losses and the numbers clearly paint a bleak picture. Under-recoveries for the industry may even touch Rs 90,000 crore. The government has worked out a bailout package of Rs 72,000 crore. But a deficit of Rs 18,000 crore still has to be covered.