‘OMCs may continue to make losses’; IOC, BPCL, HPCL lost $2.25 billion due to fuel price freeze: Moody’s
State-run fuel retailers IOC, BPCL and HPCL have together lost around $2.25 billion (Rs 17,000 crore) in revenue between November and March third week by keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices, Moody’s Investors Service said on Thursday.
Auto fuel prices in India have remained unchanged since November 4, 2021, despite crude oil prices averaging around $111/barrel (bbl) in the first three weeks of March 2022 compared to around $82/bbl in early November.
