Petrol Price Cut: State-run oil marketing companies, which control 90 % of the market, are seeing good times given the sharp decline in oil prices since September 2023. Rating agency ICRA said this sharp decline has upped the OMCs’ marketing margins to INR 11 and INR 6 per litre on petrol and diesel, respectively. They are now reversing the double-digit losses experienced when crude prices inched higher since February 2022.