According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and domestic LPG
Seven companies had put in 21 bids for city gas licenses in five areas in states like Uttar Pradesh and West Bengal.
India is the world's fifth-largest producer of ethanol after the US, Brazil, EU and China. Ethanol worldwide is largely used for consumption but nations like Brazil and India also dope it in petrol.
The oil industry and the petroleum ministry have made a case for expanding the list of designated ports, but the finance ministry shot down the proposal.
As of May 16, 2022, net under-recoveries in the industry were Rs 13.08 per litre for petrol and Rs 24.09 per litre for diesel.