India’s state-owned oil companies (OMCs) are facing growing financial pressure after absorbing massive losses to shield consumers from the impact of soaring global energy prices triggered by the ongoing Middle East tensions, reported the PTI.

For the last 10 weeks, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have continued selling petrol, diesel and cooking gas LPG at rates significantly below actual costs, despite a steep rise in crude oil prices, the news agency reported.