ICRA estimates oil marketers lose ₹530 crore a day

India’s state-run oil marketing companies are estimated to be losing about ₹530 crore a day on petrol, diesel and household LPG sales as global crude prices rise while domestic retail fuel prices remain unchanged, according to credit rating agency ICRA. The estimate comprises losses of about ₹8 per litre on petrol, ₹9 per litre on diesel and ₹300 per domestic LPG cylinder. The companies most exposed are Indian Oil, Bharat Petroleum and Hindustan Petroleum, which together account for about 90% of India’s petrol and diesel retail network and are the only providers of household LPG retail, according to the reporting. The daily figure is an ICRA estimate, not an audited result, and reflects the gap between higher input costs and prices charged to consumers. The Indian crude basket reached $117.4 a barrel on September 21, compared with an average of about $66 in fiscal 2025-26, ICRA said. Supply disruptions and escalating conflict in West Asia have contributed to the recent rise in crude and fuel prices. Domestic petrol and diesel prices had not changed for more than three months as of September 23, following reductions in May.