'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.