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Informist, Thursday, Jun. 4, 2026

--Oil Minister: Oil cos losses narrowed to INR 5 bln-INR 5.5 bln per day 
--Oil Minister: oil cos losses still very high 
 

NEW DELHI – Oil marketing companies are still incurring "very high" losses despite the rise in retail prices of petrol and diesel, Minister of Petroleum and Natural Gas Hardeep Singh Puri said Thursday. The companies are facing losses of around INR 5.00 billion to INR 5.50 billion per day, Puri said on the sidelines of an event.

In the second half of May, oil companies hiked retail fuel prices in a staggered manner, taking the total increase to INR 7.35 per litre for petrol and INR 7.53 per litre for diesel. Before the price hike, oil companies were losing around INR 10 billion per day. 

India is facing its worst energy crisis in decades due to the war in West Asia, with crude oil prices rising more than 50% after the closure of the Strait of Hormuz in early March. Nearly 50% of India's crude imports pass through this crucial waterway. 

Oil marketing companies absorbed the higher crude oil prices for more than 75 days and even now, the hike in retail prices is nearly half of what the market was expecting. Industry and economists widely expect that there could be few more rounds of price hikes in petrol and diesel.  End

Reported by Priyasmita Dutta and Sagar Sen

Edited by Akul Nishant Akhoury

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