No big profits, but oil companies making record margins

New Delhi: Fuel retailers are making an unprecedented margin of Rs 13 per litre, six times the average of 2019-20 as domestic fuel rates have been frozen for weeks, while global crude prices have crashed.

However, this will not lead to heavy profits because demand has fallen sharply as the lockdown has kept most motorists away from the pump.

Brent crude oilNSE -3.87 % fell to $27.10 a barrel on Monday, down 46% since the beginning of March as the Covid-19 pandemic has destroyed about 30% of global oil demand.