Will Petrol And Diesel Prices Be Cut Anytime Soon?

Petroleum Minister Hardeep Singh Puri has given an update on Saturday that the oil marketing companies can likely reduce petrol and diesel prices. He said that the oil companies will be taking a call only if the international crude cost continues to remain stable and based on the performance of the next quarter.

He further quickly added that he was not in a position to announce this matter. "As we go along we will see what can be done". The minister spoke in a press conference held on June 10, 2023, as per inputs from various agencies.

The media had asked him questions on petroleum prices and if the govt was looking to bring them down. He said state-run oil marketing companies did 'okay' in the last quarter. The companies have recovered some of their losses. They have been very good corporate citizens. As we go along we will see what can be done", he added.

Addressing the media, he pointed out that the pricing issue is dynamic and the government has ensured that it was not increased since April 2022. He noted that the government will make sure consumers should not suffer.

However, earlier, there were reports that the OMCs have almost recovered from their losses and are nearing normalcy. As a result, it is expected that the companies to lower the prices of petrol and diesel since they no longer face under-recoveries in these fuels.