With the fall in global crude oil prices, the margins of India’s oil marketing companies have now surged 2.5 times—to Rs 8 per litre from a loss of Rs 12.7 per litre when crude oil prices touched $100 after the start of the Russia-Ukraine war.
However, retail prices of petrol and diesel, which have remained unchanged since May 2022, are unlikely to fall as the oil marketing companies will be looking to recover the loss of Rs 1 trillion incurred during the first nine months of FY23.
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