India’s state-run oil marketing companies (OMCs) are incurring under-recoveries of around Rs 30,000 crore every month — or nearly 1,000 crore a day — as petrol, diesel and LPG prices remain frozen despite crude oil surging to around $120 per barrel amid the West Asia conflict and disruption in the strait of hormuz. The mounting losses are piling pressure on the balance sheets of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), even as the government continues to shield consumers from the global energy shock.