Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum have seen revenue losses on sale of petrol, diesel, LPG and kerosene coming down to Rs 450 crore per day from Rs 600 crore per day, industry sources said.

The basket of crude that India buys has averaged USD 114.37 a barrel this month as against the July average of USD 132.47 per barrel.

"The fall in international prices is a relief but the companies are still losing money and we don't see a reduction in retail prices happening till they continue to suffer losses," a Petroleum Ministry official said.

Based on the average price of the first fortnight of August, retailers were losing Rs 7.07 per litre on petrol, Rs 16.22 on diesel, Rs 39.55 on kerosene and Rs 348.89 per 14.2 kg LPG cylinder.

These are lower than Rs 11.60 per litre on petrol and Rs 23.23 on diesel based on the average price on second fortnight of July.

While petrol and diesel prices are calculated every fortnight, LPG and kerosene prices are calculated once a month.

The three companies are now projected to lose Rs 1,84,801 crore during the full fiscal. A fortnight back they were projected to lose Rs 2,05,740 crore in 2008-09.