OMCs may be losing Rs  5/L on petrol,  Rs 23 on diesel: ICRA

NEW DELHI: A surge in global crude prices due to renewed hostilities has started hitting the oil marketing companies, with state-owned fuel retailers estimated to be losing around Rs 5 per litre on petrol and Rs 23 on diesel, ratings agency ICRA said Wednesday.Oil retailers refused to comment on the exact amount of under-recoveries. While Indian basket of crude oil reached $108.91 Tuesday, the highest since May 21, Brent breached the $100-mark Wednesday and was trading at $101.23 a barrel at 8.30pm The last time Brent had breached the $100-per-barrel mark was July 23.Industry players said under-recoveries on petrol, diesel and domestic LPG cylinders may rise further if crude prices remain elevated for a longer duration and retail pump prices remain unchanged. Oil retailers were making an under-recovery of more than Rs 1,000 crore a day during the peak of the conflict in April and May, when Indian basket of crude oil averaged more than $110 per barrel.Get the latest Business News and Live updates. Download the TOI app.