New Delhi, Aug 26 - State-run petroleum products retailer Indian Oil Corp Wednesday said it was losing nearly $15 million every day by selling transport and cooking fuels below cost.

'At the current global prices, Indian Oil is suffering a daily loss of Rs.74 crore ($15 million),' IOC chairman Sarthak Behura told reporters here on the margins of a global hydrogen technologies convention.

He said the losses on account of under-recoveries -- or the difference between the cost and sale price of petroleum fuels -- will amount to Rs.2,300 crore by the end of this fiscal.

Behura said the company was losing Rs.2.33 per litre on diesel, Rs.4.60 per litre on petrol, Rs.158 per cylinder on cooking gas and Rs.15.46 per litre on kerosene.

Last month, the government had permitted state-run oil retailers to hike petrol prices by Rs.