Tuesday, November 29, 2022

Petrol, diesel prices likely to be cut: Report

State-owned oil marketing companies (OMCs) may cut petrol and diesel prices by up to Rs 2 per litre. This comes as softening international crude as well as product rates retailers’ margins positive, reports News18.
According to the CNBC Awaaz report, a reduction in oil prices by 40 paise is likely to occur daily for the next five days. That will bring a total reduction of Rs 2 in petrol and diesel prices in installments.
Politically, however, a substantial reduction may be preferred for the positive impact it will create in favour of the ruling dispensation ahead of elections in Himachal Pradesh and Gujarat, with the poll dates for the latter expected any day now.
On talks of a price reduction in the offing, the Oil Minister Hardeep Singh Puri, however, said on Wednesday said that oil companies were losing a net Rs 4 per litre on diesel while their margins have turned positive on petrol. “OMCs still have under-recoveries on diesel,” he told reporters when asked if there is a price reduction in the offing.

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