Oil at six-month low | Petrol at breakeven, losses continue on diesel
The Hindu
Brent crude oil was trading at ₹94.91 per barrel on August 18
International oil prices have hit a six-month low, helping Indian fuel retailers breakeven on petrol but they continue to lose money on diesel - the most used fuel in the country, officials said.
The world's best-known crude benchmark, Brent was trading at ₹94.91 per barrel on Thursday after concerns of a global recession led to it slipping to a six-month low of ₹91.51 on the previous day.
The current rates are a relief to India, which is 85% dependent on imports for meeting its oil needs.
The fall in prices has meant that fuel retailers such as Indian Oil Corporation (IOC) are now breaking even on petrol but there are some losses on diesel, officials with knowledge of the matter said.
Also read | India’s oil demand to rise 7.7% in 2022: OPEC
State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd. (HPCL) have not exercised their right to adjust the retail selling price of petrol and diesel in line with the international costs for four and half months now to help the government manage runaway inflation.
At one point, they were losing ₹20-25 per litre on diesel and ₹14-18 a litre on petrol as international oil prices soared. These losses have been trimmed with the fall in oil prices.
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