New Delhi: Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said oil marketing companies are losing around Rs 1,000 crore every day due to rising global crude oil prices and under recoveries, while asserting that the government has managed to maintain stable fuel supplies despite global disruptions. Speaking at the CII Annual Business Summit 2026, the Union Minister said the under recovery on fuel is expected to reach around Rs 1,98,000 crore, while quarterly losses are estimated at nearly Rs 1 lakh crore.
He noted that crude oil prices have sharply increased from earlier levels of around USD 64-65 per barrel to nearly USD 115 per barrel. "If you look at the fiscal situation, if you look at the fact that my oil companies are losing Rs 1,000 crores every day, the under recovery is going to be Rs 1,98,000 crores. The losses are Rs 1 lakh crore, if you look at the quarter. In that context, how long can you keep it like this? Where is the oil? It used to be around $64 or $65. It has gone up to $115 in that basket," he said. (ANI)
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