STATE-RUN OIL MARKETING companies (OMCs) have the capacity to absorb the global crude price shocks as they have made large profits (in the previous quarters) due to high prices, Union minister for Petroleum and natural gas Hardeep Singh Puri told FE on Thursday.
Though it has been widely felt that OMCs, whose bottom lines are seen to have already taken a hit in Q2FY24 and are looking at losses from auto fuels marketing in the current quarter, would still not hike retail fuel prices anytime soon. The minister's statement gives further credence to such perception.
For the record, retail fuel prices are market-determined.
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