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OMCs face ₹530 crore daily fuel losses as crude prices surge: Icra

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OMCs face ₹530 crore daily fuel losses as crude prices surge: Icra

State-run oil marketing companies are facing mounting losses on petrol and diesel sales as a surge in crude prices outpaces unchanged domestic fuel prices, rating agency ICRA said. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are losing Rs 8 a litre on petrol, and Rs 9 on diesel, while under-recoveries on domestic liquefied petroleum gas (LPG) stood at about Rs 300 per cylinder, ICRA said. "At these levels, the daily loss to the OMCs is estimated at Rs 530 crore," ICRA said. Crude oil prices have risen sharply in recent weeks amid escalating geopolitical tensions and supply disruptions in West Asia. The surge was driven by renewed US-Iran conflict, the shutdown of Saudi Arabia's East-West pipeline and heightened Houthi activities in the Red Sea. The price of the basket of crude oil India imports rose to USD 117.4 per barrel as on September 21, 2026, from the 2025-26 average of around USD 66 a barrel. "The ...



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