With global crude prices falling— from $103 a barrel in April last year to $76.4 a barrel now (Indian basket) —the gross marketing margins of oil market companies (OMCs) will rise.
As of March 14, the gross marketing margins of diesel touched Rs 4.6 from a loss of Rs 7.9 per litre in August last year. Similarly, for petrol, the margin touched Rs 7.8 a litre, compared to Rs 2.6 a litre in August 2022.
Demand for petrol and diesel remains strong despite the fact that retail selling prices of both these products have not changed since May last year.
