Indian Oil Corp, the country's largest refiner, said on Thursday the value of its inventory of crude oil and refined products dropped Rs 350 crore (Rs 3.5 billion) in April as crude prices fell after the Iraq war.
India's oil ministry had asked refiners including state-run IOC to raised inventories earlier in anticipation of a war in Iraq, but the fall in prices after the war has upset the company's finances.
"The inventory loss in April is Rs 350 crore," IOC chairman M S Ramachandran told reporters on the sidelines of a meeting with the Confederation of Indian Industry.
Brent crude has fallen from a peak of $35 a barrel before the war to below $25. IOC had filled its crude oil tanks and stocked products when prices were high.
IOC and its subsidiaries control about 40 per cent of India's refining capacity of 2.3 million bpd.
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