Oil marketing companies in India are incurring substantial losses on petrol and diesel sales. Recent price increases have not been enough to cover costs, with experts forecasting further hikes.
Oil marketing companies continue to lose money on every litre of petrol and diesel sold. This persists even after recent price adjustments in the market. The situation points to ongoing under-recoveries for these firms.
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Congress president Mallikarjun Kharge and other opposition parties have criticised recent fuel price increases, accusing the Narendra Modi government of failing to shield citizens from rising costs.
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Dalal Street saw a notable decline with the Indian rupee hitting a record low for the second consecutive day. Key equity indices posted their largest single-day drop in six weeks.
Nifty 50 firms expect double-digit revenue growth for the June 2026 quarter but project only single-digit profit increases due to rising costs. Input cost inflation and higher crude prices are squeezing margins across sectors.
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The Department of Energy announced significant fuel price hikes on July 20 that took effect the following day amid ongoing global oil market pressures from West Asia tensions.