Oil marketing companies (OMCs) may witness losses of up to ₹1.2 lakh crore in the first quarter of FY27 as government-led freeze on pump prices squeezes marketing margins. The projected losses could wipe out nearly the entire profit earned by OMCs in FY26, NDTV reported, citing government sources. Under-recoveries are estimated to touch nearly ₹2 lakh crore during the quarter.