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Tata Consumer 816.20↓-6.90(-0.84%)
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Wipro 400.45↓-2.35(-0.58%)

OMCs can be expected to lower fuel prices, says top ministry official

Executives of state-owned firms disagree with view, say they are yet to make up for losses

Subhayan Chakraborty New Delhi

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Photo: Bloomberg

3 min read Last Updated : Jun 08 2023 | 11:45 AM IST

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State oil marketing companies (OMCs) have made up for losses and can be expected to lower petrol and diesel pump prices, said a top official of the Petroleum and Natural Gas Ministry.

"Not only have the OMCs had a good quarter (Q4 FY23), they will have another good quarter (Q1 FY24). If this happens, then you are within the bounds of what is legitimate to ask them to reduce prices. I do expect they will pass on some of the benefits," the official told the press at the sidelines of an industry event in Delhi on Wednesday.

However, top officials of OMCs present at the press briefing disagreed with the view. They argued their companies are yet to make up for the losses suffered during the Covid-19 pandemic and early days of the Russian invasion of Ukraine in February 2022.