Oil cos still losing money on diesel: Minister Puri on talks of price cut
The Hindu
Hardeep Singh Puri said oil companies moderated prices during extreme volatility to help consumers
PSU oil companies are losing a net ₹4 per litre on diesel while their margins have turned positive on petrol, Oil Minister Hardeep Singh Puri said on Wednesday on talks of a price reduction in the offing as international rates have softened.
Mr. Puri said his ministry will seek assistance for the three fuel retailers – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – for the losses they incurred on holding petrol and diesel prices since the Ukraine war to help the government fight inflation.
“OMCs [oil marketing companies] still have under-recoveries on diesel,” he told reporters when asked if there is a price reduction in the offing.
The three firms held prices despite international oil prices shooting up to more than a decade high.
The under-recovery – difference between the retail selling price and the international rate – currently is about ₹27 per litre on diesel but the actual cash loss (the loss based on the actual cost of procurement of crude oil and turning it into fuel) is about ₹3-4 per litre.
Mr. Puri said oil companies moderated prices during extreme volatility to help consumers.
The three fuel retailers suffered a net loss of over ₹19,000 crore in the April-June quarter and are expected to report losses for the following quarter as well.
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