New Delhi, Sept. 23 -- Oil marketing companies (OMCs) are facing negative marketing margins of Rs 8 per litre on petrol and Rs 9 per litre on diesel, while losses on domestic LPG have reached around Rs 300 per cylinder in September, rating agency ICRA said in a release on Wednesday.

There have been negative margins and LPG under-recoveries as crude oil prices surged in recent weeks while domestic retail prices of petrol, diesel and LPG remained unchanged, ICRA said. At these levels, the daily loss to OMCs is estimated at around Rs 530 crore.

Brent crude has remained volatile in recent weeks amid heightened geopolitical tensions and uncertainty over global oil supplies. The swings in international crude prices have kept pressure on fuel ...