Moody's Investors Service said in a report on Thursday that Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have suffered this loss due to non-raising fuel prices.

Crude oil rose from $ 82 to $ 111

There was no change in fuel prices in the country between November 4, 2021 and March 21, 2022, despite a jump in crude oil prices. During this period, the price of crude oil was on average $ 111 per barrel in the first three weeks of March from $ 82 per barrel in November.

Oil prices increased on 22 and 23 March

Petroleum oil companies have increased the prices of petrol and diesel by 80-80 paise per liter on March 22 and 23. There was no hike in fuel prices on Thursday.

Moody's released the report

Moody's said in its report, "Based on current market prices, petroleum marketing companies are currently incurring losses of about $ 25 (over Rs 1,900) per barrel on the sale of petrol and $ 24 per barrel on diesel. The report said that if crude oil prices remain on average around $111 a barrel, IOC, BPCL and HPCL could collectively lose $65 to 70 million daily on petrol and diesel sales.