At present, the refineries are estimated to be facing higher under-recoveries of ₹5/litre in the case of diesel compared with 72/litre in August.
For consumers, costlier crude has dampened the hopes of a cut in auto fuels prices, instead raised concerns of prices getting higher. However, analysts say that a rise in prices of petrol and diesel is unlikely, given the upcoming assembly polls and general elections in 2024. In the second quarter of the current financial year, the gross marketing margin of OMCS in diesel has shown a decline and is currently at 0.3/litre, analysts said.
"In the first quarter, it was 9.5/litre." Analysts also believe that on a current basis, losses could be even higher.
In the case of petrol sales, current under-recoveries are seen at 5/litre.
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