NEW DELHI: Petroleum minister Hardeep Singh Puri on Wednesday said there is no immediate reduction in fuel price in the country. The minister, addressing the press, clarified that there have been no discussions with the oil marketing companies (OMCs) regarding potential price cuts. “There has been no discussion with OMCs on any such issues. We are in a very highly turbulent situation and there are two areas on the global map which are in conflict situations,” he said.
As crude oil prices cooled down in the international markets, trading at around $75 per barrel, marking a significant drop from the previous $80 per barrel, speculations arose regarding potential price reductions by oil companies in the domestic market for petrol and diesel. Major oil companies such as Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) posted profits in the recent quarter.
