Oil marketing companies, such as BPCL, HPCL and Indian Oil, are likely to reduce the prices of petrol and diesel, according to an ANI report quoting government sources. The report said the companies have almost recovered their losses and are nearing normalcy as evident by their positive quarterly results.
The expectation is for the companies to lower the prices of petrol and diesel since they no longer face under-recoveries in these fuels, according to the ANI report.
“OMCs have good quarterly results and they are going for another good quarterly results. So, expecting OMC’s to cut down the diesel petrol prices as they have no under-recoveries on diesel and petrol,” the report quoted a source as saying.
Recently, Saudi Arabia decided to cut oil production by one million barrels per day. The cut is not expected to impact the market due to emerging alternative markets.
On Thursday, June 8, petrol and diesel prices remained constant across New Delhi, Kolkata, Mumbai, and Chennai. The petrol and diesel rates for each day, whether new or unchanged, are announced at 6 am on the day. These, however, vary from state to state due to value-added tax (VAT), freight charges, local taxes, etc.
Petrol has become costlier by 50 paise and diesel by 49 paise in Chhattisgarh. In Bihar, the price of petrol has increased by 27 paise and that of diesel by 25 paise. Petrol and diesel prices have increased in Himachal Pradesh, Goa and Karnataka.
On the other hand, petrol has become cheaper by 52 paise and diesel by 50 paise in Maharashtra. Petrol has become cheaper by 30 paise and diesel by 29 paise in Jharkhand. In West Bengal too, petrol has become cheaper by 46 paise and diesel by 43. Talking about metros, there is a slight increase in the price of petrol and diesel in Chennai.
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