# Oil Firms Lose Rs 530 Crore Daily as Crude Surges

> Indian oil firms lose Rs 530 crore daily as crude prices spike
- Title: Oil Firms Lose Rs 530 Crore Daily as Crude Surges | Shortify
- Summary: Indian oil firms lose Rs 530 crore daily as crude prices spike Oil marketing companies face Rs 530 crore daily losses due to crude price surges exceeding…
- Keywords: icra, indian oil corporation, bharat petroleum corporation, hindustan petroleum corporation, lpg, crude oil price surge, fuel losses, omc, Oil, Firms, Lose, 530
- Source: The Economic Times — https://economictimes.indiatimes.com/industry/energy/oil-gas/oil-firms-face-rs-530-crore-daily-fuel-losses-as-crude-surges-icra/articleshow/134431218.cms
- Author: PTI
- Published: 2026-09-23T09:52:00+00:00
- Read time: 1 min
- Topics: icra, indian oil corporation, bharat petroleum corporation, hindustan petroleum corporation, lpg, crude oil price surge, fuel losses, omc
## Crude Prices Spike
Crude oil prices rose to USD 117.4 per barrel in September 2026, up from USD 66 in the 2025-26 average.

> The escalation of the West Asian conflict and disruptions to key oil supply routes have led to a spike in crude prices.
## Daily Fuel Losses
Indian oil firms lose Rs 8 per litre on petrol and Rs 9 per litre on diesel daily.
## LPG Under-recoveries
LPG under-recoveries stand at Rs 300 per cylinder, with cumulative losses reaching Rs 61,940 crore.
## Refining Margins
Singapore refining margins stayed above USD 10 per barrel due to refinery outages and supply disruptions.
## Export Levies
Diesel and aviation turbine fuel export levies remain elevated at Rs 20 and Rs 15 per litre respectively.
## Key takeaway

Oil marketing companies face Rs 530 crore daily losses due to crude price surges exceeding domestic fuel prices.