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Hindustan Petroleum confirms Indian oil firms stop taking margin hit on fuel sales

Reuters  |  NEW DELHI 

By Aftab Ahmed and Nidhi VermaNEW DELHI (Reuters) - Indian state-owned fuel retailers have stopped absorbing a government-mandated cut of 1 rupee (0.014 U.S. cents) a liter in their marketing margins on the sale of petrol and diesel due to a steep fall in global oil prices, said M K Surana, chairman of one of the three companies, Hindustan Petroleum Corp Ltd.In October, India's finance ministry had cut its production tax on the two fuels by 1.50 rupees a litre and had asked state-owned fuel retailers to reduce their marketing margins by 1 rupee a litre to insulate consumers from a surge in ...

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First Published: Wed, January 02 2019. 19:19 IST