New Delhi: Oil marketing companies, such as BPCL, HPCL and Indian Oil, are likely to reduce the prices of petrol and diesel, ANI reported quoting government sources. The report said the companies have almost recovered their losses and are nearing normalcy as was evident by their positive quarterly results.
The expectation is for the companies to lower the prices of petrol and diesel since they no longer face under-recoveries in these fuels, according to the ANI report.
“OMCs have good quarterly results and they are going for another good quarterly results. So, expecting OMC’s to cut down the diesel petrol prices as they have no under-recoveries on diesel and petrol,” the report quoted a source as saying.
Recently, Saudi Arabia decided to cut oil production by one million barrels per day. The cut is not expected to impact the market due to emerging alternative markets. Today (June 8), petrol and diesel prices remained constant across New Delhi, Kolkata, Mumbai, and Chennai. The petrol and diesel rates for each day, whether new or unchanged, are announced at 6 am on the day. These, however, vary from state to state due to value-added tax (VAT), freight charges, local taxes, etc.
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