Petrol and diesel prices likely to cut by 5-10Rs next month
Petrol, diesel prices likely to be cut by ₹5-10 next month OMCs' third quarter results are likely to show their net profits together surpassed a record ₹75,000 crore even as their costs of acquiring crude softened. State-run oil companies could consider reducing the prices of petrol and diesel next month after they release their third quarter results, which are likely to show their net profits together surpass a record ₹75,000 crore even as their costs of acquiring crude oil soften, three people aware of the matter have said. 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 FY...