The public sector fuel retailers have held prices since April 2022, and officials say a thorough pricing review is imminent, with the companies possibly sitting on margins of 10 per litre that can be passed on to consumers. The move could help soothe inflation and become significant ahead of the 2024 General Elections.
"Due to higher marketing margin on sale of fuels, the three OMCs (oil marketing companies) posted significant net profit in Q1 and Q2 [of FY2023-24] and the trend will continue in Q3. After results by the end of this month, they may consider reducing petrol and diesel rates between 25 and 10 a litre, keeping some cushion for future spike in international oil prices. A decision will be taken by the companies in consultations with their stakeholders," one of the people said, asking not to be named.
The government is the promoter and majority stakeholder in all the three OMCs. So far, combined net profit of the three firms in first half of 2023-24 was ₹57,091.87 crore, over 4,917% jump from ₹1,137.89 combined net profit for the entire financial year of 2022-23.
Bu hikaye Hindustan Times dergisinin January 17, 2024 sayısından alınmıştır.
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Bu hikaye Hindustan Times dergisinin January 17, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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