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The Economic Times
The Economic Times
Business

Oil firms face Rs 530 crore daily fuel losses as crude surges: ICRA

ICRA Oil LPG BPCL HPCL OMCs Petrol Prashant Vasisht

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.

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