India’s fuel retailers lose nearly $2bn shielding customers from energy shock

India's so-called oil marketing companies run about 90,000 fuel retail outlets and often change prices in tandem, acting as proxies for the government to control retail fuel prices on the ground. (Source photos by Reuters) MUMBAI — India's state-owned fuel retailers, who control about 90% of the market, have reported losses totaling about 181.49 billion rupees ($1.90 billion) during the quarter through June, as they shielded customers from the full impact of the energy price shock driven by the U.S.-Iran conflict.

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