Oil Companies Hit Hard by Rising Crude Prices, Losses Reach Rs18 on Petrol and Rs35 on Diesel
Petrol and diesel prices in India may look stable at the pump, but behind the scenes, oil companies are absorbing heavy losses. Despite rising global costs, state-run firms have kept fuel rates unchanged for a long stretch, putting pressure on their finances.
Stable Prices Since 2022
Major public sector companies like Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum have not revised petrol and diesel prices since April 2022. This comes even as global crude oil markets have seen sharp ups and downs.
Prices surged past $100 per barrel after the Russia-Ukraine War, later cooled to around $70, and have recently climbed again to nearly $120 per barrel. Yet, retail fuel prices in India have remained steady throughout.
Stable Prices Since 2022
Major public sector companies like Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum have not revised petrol and diesel prices since April 2022. This comes even as global crude oil markets have seen sharp ups and downs. Prices surged past $100 per barrel after the Russia-Ukraine War, later cooled to around $70, and have recently climbed again to nearly $120 per barrel. Yet, retail fuel prices in India have remained steady throughout.
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