India’s state-run oil companies continue to face mounting financial pressure from elevated global crude oil prices, with daily losses remaining close to Rs 600 crore despite multiple increases in retail fuel prices this month, Reuters reported on May 25 citing government officials.
The latest revision in petrol and diesel prices, the fourth hike this month, comes as public sector oil marketing companies attempt to narrow the gap between domestic retail rates and surging international crude prices. Officials said the recent price hikes have only partially offset losses incurred by retailers such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
