Home / Economy / News / Boiling crude dry up chance of price cuts from oil marketing companies

Boiling crude dry up chance of price cuts from oil marketing companies

Price of Indian crude basket hits 14-month high of $93.5 on September 21

Premium

Photo: Bloomberg

Subhayan Chakraborty New Delhi

3 min read Last Updated : Sep 24 2023 | 10:13 PM IST

Listen to This Article

With prices of crude oil hitting new highs, there is little chance that the oil marketing companies (OMCs) will reduce pump prices anytime soon, Petroleum and Natural Gas Ministry officials hinted.

Over the past few months, the government has called for OMCs to reduce prices. But the oil giants have held back, pointing towards their accumulated losses. This was due to under-recoveries or the difference between the retail selling price and the international petrol, diesel, and liquefied petroleum gas rate.

That has again become a concern. “OMCs have reported that the under-recovery in diesel has currently crossed $10 per barrel,"

Topics : oil marketing companies Indian Economy Petroleum sector natural gas

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in