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State-run oil marketing companies are expected to report a combined loss of ₹60,000-62,000 crore in Q1FY27 due to factors such as the West Asia supply shock, elevated crude prices, weaker rupee, and high retail fuel under-recoveries. Refining margins were strong, but retail fuel losses led to a decline of 301% YoY and 251% QoQ in EBITDA.