Huge losses for OMCs as crude prices trade above US$110
News: As per The Times of India, IOC, BPCL and HPCL together have lost around Rs.19000 crore, between November 5 and March, in the marketing segment, due to freezing of prices (Moody’s estimates).
Views: The companies will have to offset the under-recoveries on petrol and diesel, against refining margins and inventory gains. The underecovery continues to stay above Rs.11-12 per litre for both petrol and diesel (at crude prices of US$110 per barrel)
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