Petrol, diesel price cut news: Petroleum Minister Hardeep Puri says 'OMCs will cut fuel rates if...'

Petrol, Diesel Price Cut Latest News: Petroleum Minister Hardeep Puri has expressed hope that oil marketing companies (OMCs) would cut fuel prices if they recover losses. Addressing media persons during an event in Varanasi, Puri said that he is hopeful that the companies -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), have ended their under-recoveries and that fuel prices will come down.

"I will hope if under-recoveries end, prices should come down," he said.

Puri said that the government had not asked companies to freeze prices and the OMCs had done this on their own.

Petrol and diesel prices have remained unchanged since May last year. On May 21, the government had announced a cut in excise duty on petrol and diesel by Rs 8 and Rs 6 a litre.

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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