OMCs face Rs 530 crore daily fuel losses amid surging crude prices: ICRA Report

New Delhi, Sep 23 (UNI) State-owned oil marketing companies (OMCs) are facing increasing pressure on their fuel marketing margins as a sharp rise in crude oil prices has not been matched by revisions in domestic petrol and diesel prices, according to rating agency Icra. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are currently estimated to be incurring losses of around Rs 8 per litre on petrol and Rs 9 per litre on diesel. The companies are also facing under-recoveries of approximately Rs 300 on every domestic LPG cylinder, Icra said. The rating…