Union minister for petroleum and natural gas Hardeep Singh Puri said on Friday: "The last three quarters' profits (of OMCs) were good. If the fourth quarter (profits) are also good, then (they) could start looking at (cut in retail fuel prices). Then, there will be basis for that expectation (of price cut by consumers)."
The minister's comment, while speaking at Indian Express Group's Idea Exchange programme, is the first by a government functionary indicating that the OMCS - IOC-BPCL and HPCL - might lower the prices of diesel and petrol after keeping it steady for nearly two years. The firms have kept auto fuel prices unchanged since May 2022, even though the period saw their earnings fluctuate, due to the volatility of global crude prices.
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