State oil cos recover as oil prices drop, but that's not helping consumers

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, sources said. 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 global oil prices at the time. But oil prices have slumped in recent.....

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