Amid reports that oil marketing companies (OMC) are likely to reduce prices of petrol and diesel, Petroleum Minister Hardeep Singh Puri gave an update on the issue on Saturday. The minister said that oil companies will be in a position to look at the issue if the international crude cost remains stable and these firms have a good next quarter.
He, however, added that he was not in a position to make an announcement on the issue. "As we go along we will see what can be done," the minister told a press conference. He said state-run oil marketing companies did 'okay' in the last quarter.
"They 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 said. The Narendra Modi-led government has ensured that there is no rise in oil prices since April 22, Puri said and noted that the government will ensure that consumers suffer no hardship.
READ | Sharad Pawar declares Praful Patel, Supriya Sule as NCP working presidents
Earlier, there were reports that the companies have almost recovered their losses and are nearing normalcy. As a result, the expectation is for the companies to lower the prices of petrol and diesel since they no longer face under-recoveries in these fuels. In Delhi, one litre of petrol costs Rs 96.72 on June 10, 2023, while one litre of diesel costs Rs 89.62.
(With inputs from agencies)
