Oil-marketing companies incurring ₹30,000 crore loss per month on petrol, diesel and LPG: Official
State-run fuel retailers are losing about Rs 30,000 crore a month as they keep petrol, diesel and LPG prices unchanged, officials said.
- On Friday, a senior Petroleum Ministry official stated that India's state-run oil marketing companies are losing Rs 30,000 crore monthly by keeping retail fuel prices steady amid the global energy crisis.
- Escalating tensions in West Asia, which have now extended for more than sixty days, have disrupted shipping through the Strait of Hormuz, driving crude oil prices from USD 70 per barrel to USD 120.
- While countries from Japan to the United Kingdom have raised fuel prices by up to 30 per cent, the government has foregone Rs 14,000 crore monthly in excise duty revenue to shield Indian consumers.
- Joint Secretary Sujata Sharma of the Petroleum Ministry refused to confirm if retail prices would continue to hold, while sources suggest price hikes for petrol, diesel, and LPG could be imminent.
- With India relying on imports for 90 per cent of its cooking gas, the companies have maintained uninterrupted supplies despite the financial strain of absorbing elevated global energy costs.
13 Articles
13 Articles
Oil companies losing Rs 30,000 crore a month on petrol, diesel, LPG sales due to price freeze amid West Asia crisis
According to Sujata Sharma, joint secretary in the Petroleum Ministry, the OMCs' combined under-recoveries on these three fuels is estimated at about Rs 30,000 crore a month.
Times of India
The Economic TimesIndia's oil companies bleed Rs 30,000 cr as fuel prices held steady despite global energy shock
India's state-run oil firms faced massive losses of an estimated Rs 30,000 crore. They kept fuel and LPG prices stable despite a global energy disruption. This ensured uninterrupted supplies for consumers. The government's excise duty cuts helped mitigate further losses. India's approach differed from other nations where fuel prices surged.
Oil companies bleed Rs 30,000 crore as fuel prices held steady despite global energy shock
Oil companies: IOC, BPCL and HPCL suffered losses of nearly Rs 30000 crore after fuel prices were kept unchanged despite soaring crude oil costs and West Asia conflict disruptions through the Strait of Hormuz affecting India's energy imports.
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