About Rs 1,600-1,700 crore per day, over Rs 1 lakh crore in 10 weeks. That's the cost that state-owned oil firms incur for insulating Indian consumers from the global energy shock but ever-widening losses are now raising questions on how long they can continue bearing the cost without financially capitulating. Since the war broke out in the Middle East 10 weeks ago, state-owned oil marketing companies (OMCs) have ensured uninterrupted supplies of petrol, diesel and cooking gas LPG at rates that are way below cost, unlike many global energy systems that imposed rationing or passed through steep price increases. This has resulted in the three OMCs - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - running record high under-recoveries (the difference between cost and retail selling price), two sources with direct knowledge of the matter said. The combined under-recovery on petrol, diesel and cooking gas LPG is Rs 1,6About Rs 1,600-1,700 crore per day, over Rs 1 lakh crore in 10 weeks. That's the cost that state-owned oil firms incur for insulating Indian consumers from the global energy shock but ever-widening losses are now raising questions on how long they can continue bearing the cost without financially capitulating. Since the war broke out in the Middle East 10 weeks ago, state-owned oil marketing companies (OMCs) have ensured uninterrupted supplies of petrol, diesel and cooking gas LPG at rates that are way below cost, unlike many global energy systems that imposed rationing or passed through steep price increases. This has resulted in the three OMCs - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - running record high under-recoveries (the difference between cost and retail selling price), two sources with direct knowledge of the matter said. The combined under-recovery on petrol, diesel and cooking gas LPG is Rs 1,6 Latest News [ SOBAN NEWS: International and National ]
