Indian Oil Corporation [Get Quote] on Friday said it is losing Rs 90-100 crore (Rs 900 million- Rs 1 billion) per day on fuel sales as the government has not allowed the company to raise retail prices in line with international rates.

"The industry is losing about Rs 185 crore (Rs 1.85 billion) per day on petrol diesel, LPG and kerosene. Our losses should be in the range of Rs 90-100 crore per day," IOC chairman Sarthak Behuria said.

Behuria said the company expects the government to take a view on the industry plight next week."We are given to understand that the Cabinet may next week decide on the oil bonds to be issued to oil companies to partly compensate the losses," he said.

The government may this year issue oil bonds worth Rs 24,000-25,000 crore (Rs 240-250 billion), he said.