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Govt wants petrol & diesel prices slashed; OMCs cite Covid losses

OMCs have also seen record-high gross refining margins (GRMs) in FY23

Photo: Bloomberg
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Photo: Bloomberg

Subhayan Chakraborty New Delhi

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State oil-marketing companies (OMCs) have made up for losses and can be expected to lower petrol and diesel pump prices, said a top official from the Ministry of Petroleum and Natural Gas.

“Not only have OMCs had a good fourth quarter (Q4) in 2022-23 (FY23), they will have another good first quarter (Q1) in 2023-24 (FY24). If this happens, you are well within the bounds of what is legitimate to ask them to reduce prices. I do expect they will pass on some of the benefits,” the official informed the media on the sidelines of an industry event in New Delhi

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