Oil marketing firms to pay refineries reduced rate for petrol, diesel, ATF to curb growing deficits: Report

In a significant departure from standard fuel price deregulation, India’s state-owned oil marketing firms will now pay refineries a reduced rate for petrol, diesel, jet fuel (ATF), and kerosene to curb growing deficits caused by an internal freeze on retail costs, PTI reported citing sources.

These oil marketing companies (OMCs) established new rates on March 26 for petroleum goods at discounts reaching ₹60 per litre below their import costs, according to two individuals with direct insight into the situation.