Indian state-owned fuel retailers have stopped absorbing a government-mandated cut of 1 rupee (0.014 US cents) a liter in their marketing margins on the sale of petrol and diesel due to a steep fall in global oil prices, M K Surana, chairman of Hindustan Petroleum Corp Ltd said on Wednesday.
Talking to CNBC-TV18 on Thursday, he said, “When the prices were high, government had requested that OMCs should absorb one rupee on the prices, which we calculate on daily basis. Now October 4 onwards, the prices are on the downside. I think prices of petrol have come down by around Rs 14 per litre or so, it went up to Rs 84 per litre and now it is less than Rs 70 per litre now. So that requirement right now is not there."