VARANASI:
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have for the past 15 months not revised petrol and diesel prices in line with the cost. The losses incurred are now being recouped after oil prices slid.
“I will hope if under-recoveries (or losses) end, prices should come down,” he said at an event here. Softening of international prices from multi-year peak hit last year had led to companies making profit on petrol but they continue to incur losses on diesel.
At one time, profit on petrol was Rs 10 per litre but subsequent firming of oil prices have trimmed it down to halve. Diesel losses have widened to Rs 13 a litre from Rs 10-11 earlier this month, industry sources said.
This story is from the January 23, 2023 edition of Millennium Post Delhi.
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This story is from the January 23, 2023 edition of Millennium Post Delhi.
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