Sources said under-recovery on diesel has reduced to Rs 18 per litre from Rs 38-40 per litre earlier. There is no under-recovery on petrol, but OMCs are incurring losses. The oil ministry estimates global crude prices to remain firm in the near term. It sees domestic demand for diesel going up in October and November due to various factors and the windfall tax on diesel has been increased to maintain stable supply in the domestic market.
Among OMCs, shares of
were trading 0.9 per cent higher at Rs 329.10. The scrip has fallen 14.75 per cent year-to-date. rose 0.06 per cent to Rs 240.20. This scrip is down 19.07 per cent so far in 2022. IndianOil () was trading 0.77 per cent higher at Rs 71.60 and is down 4.95 per cent year-to-date.
Bharat Petroleum Corp posted a loss of Rs 6,148 crore for the April-June quarter, on the back of a freeze on retail prices of petrol and diesel. HPCL, on the other hand, logged a loss of Rs 10,196 crore for the same quarter. IOC reported a standalone net loss of Rs 1,992.53 crore in the June quarter.
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