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State oil firms near break-even on petrol, diesel as crude prices ease

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India's state-owned oil marketing companies (OMCs) have collectively absorbed losses exceeding Rs 75,000 crore in the first quarter of the current financial year. The losses stem from selling petrol and diesel at prices below cost while processing higher-priced crude oil purchased earlier. Profitability is expected to remain under pressure in the ongoing quarter as refiners continue to work through expensive legacy crude inventory. However, easing global crude oil prices are raising hopes that OMCs could soon reach break-even on fuel sales. A return to profitability would reduce the financial strain on these public sector companies and could influence future fuel pricing decisions.

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