Feeling the fuel cost pinch? Here's why petrol should be cheaper by Rs 4

OMCs in India seem to be in no mood to pass on benefits of nosediving Brent crude prices to fuel consumers for now

Petrol and diesel could have been cheaper by around Rs 4 and Rs 2 a litre, respectively, than what they are, had the oil marketing companies (OMCs) kept their marketing margins at yearly-average levels, a Business Standard analysis of petroleum data shows. From its peak on October 3, price of Brent crude has nosedived 23 per cent, but OMCs in India seem to be in no mood to pass on its benefits to fuel consumers for now.    

According to the data, India's state-run fuel majors are earning a near-record margin of around Rs 6 on the sale of