New Delhi, July 24 -- Indian public sector oil marketing companies (OMCs) faced severe pressure during the first quarter of FY27 due to rising global crude oil prices, sharp depreciation of the Indian rupee, and escalating losses on liquefied petroleum gas (LPG) sales.

Indian OMC's Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) recorded substantial financial losses in Q1 as depressed fuel marketing margins completely wiped out the gains from exceptionally strong refining margins, according to Nuvama reports.

According to the reports, BPCL posted a first-quarter EBITDA loss of Rs 41 billion and a net loss of Rs 40 billion. Although BPCL achieved a strong Gross Refining Margin (GRM) of USD 4...