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Indian Oil Firms Face ₹530 Crore Daily Losses as Crude Oil Prices Rise Amid West Asia Crisis
State-owned oil marketing companies are suffering heavy losses due to rising crude oil prices caused by the West Asian crisis, resulting in significant losses per liter/cylinder on petrol, diesel, and LPG.
State-owned oil marketing firms in India are facing massive losses following an increase in crude oil prices due to the West Asia crisis.
As per a report by rating agency ICRA, Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum have incurred losses of ₹8 per liter for petrol and ₹9 per liter for diesel. The under-recovery for domestic LPG cylinders amounts to ₹300. Losses for these firms are projected to be about ₹530 crore per day.
ICRA has said that the basket price of crude oil imported by India stood at $117.4 per barrel on September 21, 2026, whereas the average import price in 2025-26 was $66 per barrel. Post the beginning of the West Asia crisis, the retail price increase from state-owned oil companies occurred only in May 2026.
