Petrol/diesel costs to go down quickly? Oil minister Hardeep Singh Puri hints at risk

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Petrol and diesel costs within the nation might be slashed however not earlier than state-owned oil corporations have recouped their previous losses, Minister of Petroleum and Pure Fuel, Hardeep Singh Puri advised lately at an occasion. “I’ll hope if under-recoveries (or losses) finish, costs ought to come down,” Puri stated as per a PTI report.

Minister of Petroleum and Pure Fuel, Hardeep Singh Puri .

State-owned Indian Oil Company, Bharat Petroleum Company Ltd and Hindustan Petroleum Company Ltd haven’t revised petrol or diesel costs previously 15 months in keeping with the fee. The losses incurred throughout this era at the moment are being recouped. The latest softening of worldwide crude costs from a file excessive in 2022 had led to elevated income on petrol however loses Ioss on diesel continued.
Revenue on petrol peaked at Rs 10 per litre, nonetheless, subsequent firming up of costs slashed that margin by half. Lack of diesel alternatively has elevated to Rs 13 per litre from Rs 10-11 up until early January 2023, trade sources report. Based on Puri, these state-owned corporations acted as accountable firms by not burdening the shoppers with the rising power costs within the aftermath of Russia’s invasion of Ukraine.

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IOC, BPCL and HPCL haven’t modified gas costs since April 6, 2022, regardless of enhance in enter price of crude oil at USD 102.97 per barrel, which fell to USD 116.01 by June and USD 82 per barrel in January 2023. Holding the costs has led to the three state-owned oil corporations to put up mixed internet lack of Rs 21,201.18 crore between April to September 2022. Puri stated the six month loss numbers are identified and so they should be recovered. In the meantime, the oil ministry is pushing for compensation of the three retailers to make for the losses they incurred.

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