Govt-Owned Fuel Retailers Lose Rs 5 per Litre on Petrol, Rs 23 on Diesel as Oil Tops $100 per Barrel: Report
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4 Articles
Govt-owned fuel retailers lose Rs 5 per litre on petrol, Rs 23 on diesel as oil tops $100 per barrel: Report
Fuel retailers are experiencing substantial losses per litre on petrol and diesel, as international crude oil prices have recently surpassed one hundred dollars a barrel. India relies on imports for over eighty-eight percent of its crude oil consumption. Despite these soaring prices, retail rates for petrol and diesel have remained stagnant for over three months.
Crude oil prices have once again surged, disrupting the calculations of Indian oil companies. Amid rising tensions in West Asia, Brent crude has surpassed $100 per barrel. This is directly impacting the profits of state-owned oil companies.
At the average price so far in the month of September, the marketing margin on petrol is negative Rs 5 per litre and on diesel is negative Rs 23 per litre and the under-recovery on domestic LPG is Rs 200 per cylinder.
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