New Delhi: State-owned fuel retailers are losing Rs 5 per litre on petrol and Rs 23 a litre on diesel as fresh hostilities in West Asia pushed international oil prices above USD 100 per barrel — the highest since last July — analysts said on Wednesday.
Brent crude, the international benchmark for oil prices, rose 2.5 per cent to over USD 100 a barrel, while US West Texas Intermediate crude gained almost 2 per cent to about USD 95. This after tensions rose in the Middle East amid the latest tit-for-tat exchange of fire between the US and Iran.
Brent last touched the USD 100-mark on July 23.
Brent crude has hovered near or above the USD 100 mark due to supply risks and regional conflicts.
According to a report, bulk diesel consumers have shifted heavily to retail pumps to bypass high market-linked premiums.
While government officials are highlighting massive under-recoveries and daily losses, some citizens and analysts point to previous public sector profit margins when debating the urgency of a retail price hike.
