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State-run fuel retailers bleed Rs 5/litre loss as crude crosses $100/barrel

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India's government-owned fuel retailers are incurring significant losses on every litre of petrol and diesel sold, following a sharp rise in global crude oil prices beyond $100 per barrel. The country is heavily dependent on imported crude, with over 88% of its oil needs met through foreign purchases. Despite the surge in international prices, domestic retail prices of petrol and diesel have not been revised in more than three months. The freeze on fuel prices has widened the gap between procurement costs and selling prices, deepening losses for state-run oil marketing companies.

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