New Delhi, May 21 -- Oil marketing companies' (OMCs) strong March-quarter (Q4FY26) results hide the heavy losses they are incurring due to higher crude oil prices. Brent crude now trades over $100 per barrel, up from about $70 per barrel before the West Asia war began.

Efforts to soften the blow are still not enough to cushion the impact of crude price surge. The government reduced excise duty on petrol and diesel by Rs.10 per litre on 27 March. It has also allowed two price increases over the past week, totalling about Rs.4 per litre. Against this backdrop, OMCs: Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL), and Hindustan Petroleum Corp. Ltd (HPCL), are projected to see substantial under-recoveries (losses on selling f...