Oil companies making Rs 10 a litre profit on petrol

Rising prices of petrol and diesel have also affected the common man's pocket. On the other hand RBI has been continuously increasing interest rates to bring inflation under control. Meanwhile, Indian Oil, Bharat Petroleum and Hindustan Petroleum companies per liter on petrol.

According to a PTI report, where fuel companies are getting Rs 10 per liter profit from petrol. At the same time, the loss on diesel has also come down to Rs 6.5 per litre. Companies cut their retail prices to cover losses on diesel and earlier losses.

Petrol and diesel prices in the country have remained stable since April 6, 2022. State-owned fuel companies Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited have cut crude oil prices in the last 15 months.

State fuel companies suffered record losses of Rs 17.4 per liter on petrol and Rs 27.7 per liter on diesel in the week ended June 24, 2022, ICICI Securities said in a report.

While in the third quarter (October-December 2022), the companies made a profit of Rs 10 per liter on the sale of petrol. The loss on diesel has reduced to Rs 6.5 per litre.

All the three companies have not changed the prices of petrol and diesel since April 2022. The price of crude oil was $102.97 per barrel in April, which rose to $116.01 per barrel in June. Now this price has dropped to $78.09 this month.