BPCL & HPCL Losses Mount: Can Rising Crude Oil Push India's OMCs Into A Bigger Crisis?

India's oil marketing companies are under pressure as BPCL and HPCL reported massive quarterly losses amid soaring crude oil prices. While stronger refining margins offered some relief, higher crude procurement costs and unchanged retail fuel prices continue to hurt profitability. The government is considering support measures, but uncertainty remains as crude trades near $96 per barrel. Sudip Bandyopadhyay, Market Expert, explains why the recent spike in oil prices has disrupted earlier recovery expectations and what it means for BPCL, HPCL, IOC, fuel prices, and investors.