Indian oil marketing companies (OMCs) have rebounded from periods of high under-recoveries, and are making profits on retail fuel sales over the past five months. The refiners are gaining from stable domestic retail prices of petrol and diesel for more than a year, despite a sharp decline in global crude oil prices.
Data provided by ratings agency ICRA showed that so far in June, marketing margins of oil marketing companies—Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd—was at ₹13 and ₹11 a litre for petrol and diesel, respectively.
In the same month last year, margins were either in the negative territory or there were under-recoveries of ₹16 and ₹23 a litre for petrol and diesel, respectively. Although margins for petrol turned positive in July 2022, it happened only in February for diesel.
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