Oil Marketing Companies Report Rs 74,781 Crore Loss Amid West Asia Crisis; Fuel Price Cut Possible If Crude Prices Stay Low
Union Petroleum Minister Hardeep Singh Puri stated that state-run oil marketing companies (OMCs) incurred losses of approximately Rs 74,781 crore by selling petrol, diesel, and LPG below cost up to June 30, due to processing crude oil purchased at peak prices during the West Asia conflict. Although international crude prices have recently declined, retail fuel prices have not yet dropped as OMCs are still refining earlier high-cost crude. Puri indicated that fuel price reductions could be considered if low crude prices persist for several weeks to months, while also noting India's interest in foreign oil and gas investments to enhance energy security.