India's IOC, BPCL and HPCL lost ₹30,000cr keeping prices unchanged
India's big three oil companies, IOC, BPCL, and HPCL, lost about ₹30,000 crore since mid-March because they kept petrol and diesel prices unchanged even as global crude oil costs shot up.
The main reason? Tensions in West Asia messed with shipments through the crucial Strait of Hormuz, leading to supply scares and people rushing to fill up.
Indian government cuts excise, holds prices
While Brent crude prices almost doubled (from $72 to nearly $144 per barrel), India avoided price hikes or fuel shortages.
The government cut excise duties by ₹10 per liter and dropped extra taxes on diesel to help out.
So, even though companies were losing ₹600 to ₹700 crore every day in April, pump prices stayed at ₹94.77 for petrol and ₹87.67 for diesel—a move that kept things stable here while other countries saw sharp hikes and rationing.