Bharat Petroleum Corporation Ltd on Thursday said it lost Rs 1,200 crore (Rs 12 billion) in the first quarter of the current fiscal due to selling petrol, diesel, LPG and kerosene below cost price.
BPCL chairman Ashok Sinha said the company plans to add 800-1000 retail outlets this fiscal and would increase the capacity of Mumbai refinery to 12 million tonnes per annum from the current 6.9 MTPA by January 2006.
He said the company has till date borrowed about Rs 1,000 crore (Rs 10 billion) for meeting working capital requirements this fiscal to meet the cost as retail prices were unremunerative.
"The borrowings will continue," he said.
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