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'Hope OMCs would cut fuel prices if they recover losses'
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IANS | 23 Jan, 2023
Petroleum Minister Hardeep Puri on Sunday expressed hope that if oil
marketing companies (OMCs) have ended their under-recoveries, fuel
prices should come down.
Addressing media persons during an event in Varanasi, Puri said: "I will hope if under-recoveries end, prices should come down."
Fuel
prices have not been hiked since the past 15 months now by the three
OMCs, namely Indian Oil Corporation (IOC), Bharat Petroleum Corporation
Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL).
Puri said that the government had not asked them to freeze prices, and the OMCs had done this on their own.
The
minister emphasised that the OMCs have acted in a responsible manner by
not putting the burden of rise in global energy prices on consumers.
The crude prices rose owing to the Russia-Ukraine war, which had broken out in February last year.
Fuel
prices were first reduced in November 2021 after the Centre had
effected an excise duty cut on prices of petrol and diesel. They were
further reduced in May 2022 after a brief hike, despite rise in global
crude prices, which led to OMCs facing losses.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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