Indian fuel retailers bleeding ₹530 crore a day on petrol, diesel and LPG
State-owned oil marketing companies are absorbing heavy losses on every litre sold as retail prices remain frozen below cost.
India's state-owned oil marketing companies are losing ₹530 crore every day as they continue to sell petrol, diesel and cooking gas below market cost, according to a new assessment by ratings agency ICRA.
The losses break down to ₹8 on every litre of petrol sold and ₹9 on every litre of diesel. The shortfall on liquefied petroleum gas is far steeper, with companies losing ₹300 on each cylinder.
The mounting daily losses raise fresh questions about the financial health of the country's major fuel retailers, who have kept pump prices unchanged despite sustained pressure from elevated crude oil costs in global markets.
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