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.
Puri: US Ambassador Eric Michael Garcetti, who is in Odisha, visited the pilgrim town of…
Bengaluru: After an FIR was registered against Union Finance Minister Nirmala Sitharaman in Bengaluru for…
Nagpur: In the disconcerting series of deaths in office or office-related stress, a 40-year-old techie…
Bhubaneswar: Odisha ranked second behind Kerala in Urban Governance Index (UGI) 2024, a two year-long…
Bhadrak: At least seven persons have so far been arrested in connection with the violence…
New York: Stating that Pakistan’s GDP can only be measured in terms of “radicalization” and…
Mumbai: Veteran actor Rekha stole the show at the IIFA 2024 night with an amazing…
As the cricket ball loops in the air off his fingers it announces many conspiracies.…