Oil marketing companies have reasons to be happy. In India, the drop has mitigated the revenue loss suffered by state-run oil companies on fuel sales.
Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are together losing about Rs 280 crore (Rs 2.8 billion) per day against Rs 350 crore (Rs 3.5 billion) they lost in the previous fortnight.
The firms are losing Rs 2.85 a litre on petrol, Rs 7.26 on diesel, Rs 29.19 on kerosene and Rs 335.03 per LPG cylinder.
They were losing Rs 5.57 per litre on sales of petrol, Rs 12.95 on diesel, Rs 29.19 on kerosene and Rs 335.03 per LPG cylinder in the previous fortnight, according to PTI.
Image: An oil platform Statfjord A in the Norwegian sector of the North Sea. | Photograph: Dave Oddvar Walle Jensen/AFP/Getty Images
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