Public sector oil marketing companies have made a profit of ₹3.56 a litre (over-recovery) on diesel between October 2 and October 16, according to the Petroleum Planning and Analysis Cell. During the previous fortnight ending October 1, the over-recovery or profit on retail diesel sales was ₹1.90 a litre.

This is due to the falling price of crude oil internationally, which has brought down the Indian basket to $83.85 per barrel as on October 15.

The oil marketing companies have not been able to pass on the benefit of falling crude oil prices to consumers as the fuel is still regulated by the Government. Due to elections in Maharashtra and Haryana, the Government also has not been able to cut diesel prices.

However, the Government is expected to announce a price cut in diesel before Diwali as the election process is now over. The cut could be done over two instalments.

Meanwhile, the under-recovery or loss made on sale of kerosene and domestic LPG remained at ₹31.22 per litre and ₹404.64 per cylinder respectively, during the fortnight ended October 16.

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