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War-hit balance sheets: State-run OMCs’ underrecoveries hit ₹2.19 trn
Business Standard
|July 03, 2026
State-run oil marketing companies (OMCs) incurred under-recoveries to the tune of ₹2.19 trillion on the sale of petrol, diesel and liquefied petroleum gas (LPG) until June 30, as firms sold fuel at lower rates to domestic consumers despite soaring global energy prices, Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Thursday.
OMCs’ total losses on account of the war in West Asia came in at ₹74,781 crore until June 30, Puri pointed out. For the quarter ended June 30 in 2026-27 (Q1FY27), OMCs’ underrecoveries stood at ₹19,905 crore for petrol, ₹1.44 trillion for diesel and ₹24,148 crore for LPG. OMCs’ underrecoveries on LPG from previous quarters stood at ₹30,720 crore, he said.
Underrecovery is the difference between the selling price and cost price of a refined product sold by an OMC. Losses measure the overall financial performance, including profits and losses on all refined products.
While crude oil prices have dipped sharply to $72 per barrel from $120 a barrel in April, Puri said OMCs continue to report underrecoveries on the sale of LPG cylinders.
This story is from the July 03, 2026 edition of Business Standard.
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