New Delhi, May 9 -- India's oil marketing companies (OMCs) are incurring under-recoveries of nearly Rs 30,000 crore every month on petrol, diesel and LPG sales as retail fuel prices remain unchanged despite rising global crude prices, according to Sujata Sharma, Joint-Secretary, Ministry of Petroleum.

"If you ask about the under-recovery of the three, petrol, diesel and LPG combined, it is about Rs 30,000 crore in a month," Sharma said.

OMC Losses Mount As Fuel Prices Stay Unchanged

She said OMCs are purchasing crude at elevated prices but are not passing on the increase to consumers. To reduce pressure on fuel retailers, the government had earlier cut excise duties on petrol and diesel, sacrificing nearly Rs 14,000 crore in monthly re...