Oil companies lose Rs 4 on petrol, Rs 2 on diesel
New Delhi: But for a 20-day pause in fuel price revision, petrol would have cost more than Rs 103 per litre in Mumbai by now and sold for about Rs 100 in many other cities. But the reprieve for consumers has come at a cost to state-run fuel retailers, who are suffering under-recovery of Rs 4 on a litre of petrol and Rs 2 on diesel, people involved in pricing said.
The retailers stopped revising prices since February 27, a day after assembly polls in five states were announced. Since then, however, India’s crude cost has risen from $64.7 per barrel on February 26 to $66.8 on Wednesday, hitting $68.4 in between. The rupee too has lost strength during this period to settle at 72.55 against the dollar on Wednesday.
