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
IOC, BPCL and HPCL - will incur a combined daily loss of around $65-70 million on the sale of petrol and diesel unless fuel prices are increased to cover the rising crude oil prices
While the raw material (crude oil) prices soared in April-June, petrol and diesel prices were not revised, leading to marketing losses which offset strong refining margins, ICICI Securities said in the report
The development comes days after Indian Oil Corporation bought three million barrels of Russian crude oil. Meanwhile, the government of India is planning to buy Russian oil at a discounted rate.
Seven companies had put in 21 bids for city gas licenses in five areas in states like Uttar Pradesh and West Bengal.