Oil companies may reduce petrol and diesel prices next month after releasing their Q3 results which would show their net profits cross Rs 75,000 crore, according to a report by Hindustan Times.
Officials said that a review of the pricing will take place with the companies that are sitting on margins of Rs 10 per litre which could be passed onto the customers.
The move is expected to soothe inflation and play a major role ahead of the 2024 Lok Sabha elections.
People, familiar with the matter, told the publication, “Due to higher marketing margin on sale of fuels, the three OMCs (oil marketing companies) posted significant net profit in Q1 and Q2 (of FY2023-24) and the trend will continue in Q3.”
