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Industry sources said the decision may be linked to a boost in profitability of the three firms in the current fiscal which has partly covered for the losses in the previous 2022-23 (April 2022 to March 2023) fiscal. ....
Ratings agency ICRA says marketing margins on retail sales of petrol and diesel for the Indian oil marketing companies have improved in the recent weeks with reduction in crude prices ....
Amid Brent Crude s drop below $80 per barrel, India s Modi government may consider a fuel price reduction before upcoming general elections, aiming to ease the financial burden on consumers. The Bharatiya Janata Party, eyeing a third consecutive term, may leverage the recent decline in oil prices to address living costs, benefiting from state-run oil marketing companies increased margins. ....
Petrol Price Cut: State-run oil marketing companies, which control 90 % of the market, are seeing good times given the sharp decline in oil prices since September 2023. Rating agency ICRA said this sharp decline has upped the OMCs’ marketing margins to INR 11 and INR 6 per litre on petrol and diesel, respectively. They are now reversing the double-digit losses experienced when crude prices inched higher since February 2022. ....